CRUDE WRAP: WTI (M6) SETTLES USD 4.70 LOWER AT USD 76.05/BBL; BRENT (Q6) SETTLES USD 4.21 LOWER AT USD 78.96/BBL

The crude complex was lower and fell throughout the duration of the session amid the continued easing of Middle East tensions. Oil was once again pressured as participants continue to digest the news of the US/Iran reaching a peace agreement ahead of the formal signature on Friday. There were a couple of other bearish stories which also aided benchmarks lower. On US/Iran, updates have been frequent, but largely in line with recent reports and assumptions heading into the aforementioned signing on Friday in Switzerland.

In terms of the other news, which aided the downside, Qatar is to restore half of its LNG output a month after the Strait of Hormuz opens, with output to reach 80% of full output within two months. Then, in later trade, which a US official later confirmed, WSJ source reports noted that the US will allow Iran to immediately begin selling oil and fuel under the deal to end the war, offering Tehran an early financial incentive to wind down the conflict. The official added that Iran can only sell oil if they abide by all the points agreed to, including not interfering with the free flow of navigation in the Strait of Hormuz and not obtaining nuclear weapons. Following this, WTI and Brent fell to intra-day troughs, before bottoming out at USD 75.52-81.58/bbl and USD 78.45-83.80/bbl, respectively. 

Ahead, private inventory metrics are due after-hours, with participants awaiting the latest FOMC confab on Wednesday.