CRUDE WRAP: WTI (M6) SETTLES USD 1.83 HIGHER AT USD 90.03/BBL

The crude complex was firmer, and supported by the ever-increasing US/Iran tensions. Overnight, the US launched fresh strikes on Iran in response to the downing of an Apache helicopter, and Iran responded with attacks on US bases in Bahrain, Kuwait and Jordan. Even further heightening these risks, Trump on Truth said Iran has taken too long to negotiate a deal, now they will have to pay the price. Later on in the session, benchmarks spiked to session highs after further punchy rhetoric from the US President, who said they will be attacking Iran hard and have the right to resume attacks, and going to hit Iran hard again today. As such, participants will be looking to see what is next, and if, and when, any further attacks are. Trump also suggested Iran should sign the deal, and it's a good deal. Following this, and in response to Trump’s latest threat, Tasnim reported that Iran has repeatedly warned that any aggression will be responded to in the most severe and decisive manner. Lastly, Trump again on Truth, said a secret mission to support oil tankers iniated last month has resulted in over 100mln bbls of oil making its way through the Strait of Hormuz and into the open market

Away from the Middle East, the weekly EIA data saw a larger than expected crude draw, in-fitting with the private figures, whole gasoline saw a surprise build, albeit small, and gasoline a shallower than anticipated draw. Overall, crude production was up 93k W/W to 13.799mln.

WTI traded between USD 87.39-91.84/bbl and Brent USD 90.77-94.65/bbl.