Market Talks covering the impact of U.S. Politics and White House policies on companies and markets. Published exclusively on Dow Jones Newswires throughout the day.

0704 ET - Chevron is taking steps to more than double its production in Venezuela, planning to invest more than $7 billion in the country over the next five years. The company says Wednesday it has entered multiple agreements with the country, establishing updated terms with its joint ventures to support future investment, project development and production growth. The agreements came after President Trump last week said the U.S. reached a deal with Venezuela to secure control of a big chunk of the country's oil reserves. "With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value," Chevron CEO Mike Wirth says. (connor.hart@wsj.com)

0449 ET - The oil market is increasingly pricing the cost of an unresolved war, Phillip Nova'a Priyanka Sachdeva says in a note. The latest disruption is no longer limited to military escalation, as reports of attacks on vessels passing through the Strait of Hormuz bring the risk directly into the physical oil supply chain, the analyst notes. The most feasible outcome now looks like stretched negotiations and prolonged trouble for oil flows, rather than a quick resolution, she says. The longer the disruption continues, the greater the risk that higher crude prices become embedded into inflation expectations and eventually into monetary policy decisions, Sachdeva adds. (sherry.qin@wsj.com)

0352 ET - The yen gets some support from hawkish comments from BOJ officials--including Gov. Ueda--which reinforce market expectations for a rate hike this month, MUFG's Lee Hardman says. After crossing 160 against the dollar, the yen is back below the closely-watched threshold. Ueda's latest remarks at a G20 meeting gave the clearest signal yet that the BOJ is preparing to tighten--a 25bp rate hike in September is fully priced in, Hardman says. Hawkish BOJ member Takata also gave a speech saying this year represents a "regime change," in which rate hikes will be "conducted in a nimble and data-dependent manner." For Hardman, the hawkish repricing of BOJ expectations is positive for the yen but not enough to trigger a rebound yet. Dollar is last at 159.65 yen. (fabiana.negrinochoa@wsj.com)

0156 ET - Some form of a deal between the U.S. and Iran is still likely before the U.S. midterm elections in November, Jefferies' Mohit Kumar says in a note. "We are still optimistic that we would have some sort of a deal before the mid-terms," the global economist says. From Iran's perspective, President Trump is likely to be ready to give more concessions before the midterms, while from Trump's perspective, if he can secure a deal before the midterms, "it could potentially help in the odds for the Senate which is currently looking too close to call," Kumar says. (emese.bartha@wsj.com)

0106 ET - Investors are likely face a period of higher yields for longer, Vontobel's Christian Hantel says in note. The global bond sell-off continues on the back of renewed tensions between the U.S. and Iran and rising oil prices as a result, the portfolio manager says. Investors also seem to digest Fed Chair Kevin Warsh's speech at the Jackson Hole symposium and his more hawkish tone, he says. "As Warsh was very firm on bringing down inflation to the 2% target, he also emphasized that there could be more work to do to ultimately achieve this goal," he says. "So now we are likely to live with higher yields for longer." (emese.bartha@wsj.com)

2234 ET - Copper prices are lower in early Asian trading as the recent tariff-driven rally continues to lose momentum, analysts say. Broader risk sentiment is also under pressure amid rising geopolitical tensions and concerns over higher yields, Jinrui Futures analysts write in a note. The copper market remains fundamentally supported, with physical availability outside the U.S. still relatively tight, while China's spot premiums remain elevated, they say. Developments around U.S. copper import tariffs would be the next catalyst, they say. The three-month LME copper contract is down 1.1% at $14,126.50 a ton.