CRUDE WRAP: WTI (N6) SETTLES USD 0.23 LOWER AT USD 104.15/BBL

The crude complex was choppy, but settled more-or-less flat as two WSJ pieces into settlement sent benchmarks back to highs. The second piece, pushed back on any developments, as WSJ reported that mediators see little progress in Iran-US talks, and that Iran's position in talks hasn't changed much from earlier iterations that failed to yield progress towards a deal. WSJ sources echoed Trump, that US/Israel had been preparing to carry out new attacks on Iran within days, some even said strikes could still happen as early as next week. In addition to this piece, WSJ said that US seized an Iran-linked ship in the Indian Ocean overnight, and marks at least the third time they have seized an oil tanker in connection with its crackdown of Iran-linked shadow-fleet vessels.

Prior to these late bursts of headlines, there was headline-heavy geopolitical trade but not enough to change the dynamic. The key market update came after settlement on Monday evening, whereby Trump said that he had called off the planned attack on Iran on Tuesday following requests from Saudi Arabia, UAE and Qatar. Back to Tuesday, benchmarks saw upside in early European afternoon trade after an explosion was heard on Qeshm Island, which was later reported to be caused by the neutralisation of unexploded munitions. Elsewhere, Middle East headlines were consistent, but nothing too incrementally new, as desks await the next escalation or de-escalation. To be aware of, Trump said he may have to give Iran another hit, but not sure yet, Iran is begging to make a deal, and "you'll know very soon if we have to make another big hit". On timeline for Iran, says 2-3 days, maybe till early next week. VP Vance later reiterated similar comments, saying he just spoke with Trump, and Iran has two options, either reach an agreement or resume the war, and they've made a lot of progress.  As such, WTI and Brent settled pretty flat but traded within pretty contained ranges, given recent standards. Ahead, participants await the weekly private inventory data.