CRUDE WRAP:

The crude complex was firmer to start the week, and saw choppy trade in mixed Middle East reporting. In the European morning, WTI and Brent hit lows of USD 98.60/bbl and USD 106.87/bbl, respectively, after a couple of positive US/Iran updates. Firstly, Tasnim sources reported that unlike their previous texts, the Americans have agreed in the new text to lift Iran's oil sanctions during the negotiation period, while Al Arabiya reported Iran has agreed to a long-term nuclear freeze instead of a complete dismantling, and working on a condition transfer of enriched uranium to Russia instead of the US. However, after benchmarks printed these troughs, it has been one-way traffic higher since, to pare all losses, and more, to settle around highs. Behind the move, were a couple of reports pushing back on the earlier constructive rhetoric we had. Al Jazeera, citing a source, said Iran has days not weeks to offer progress to the US to break the deadlock and Trump is losing patience with the progress of talks, while Tasnim noted fundamental differences between the Iranian and American texts still remain. Continuing to add to the moves, was a senior US official and a source briefed on the issue told Axios that Iran has given an updated proposal for a deal to end the war, but the White House believes it is not a meaningful improvement and is insufficient for a deal. Into settlement, which spurred benchmarks to peaks, Israel press citing a US source said that an additional American strike on Iran "is not a question of whether but of when". As such, traders await any further update, and the next risk catalyst.