CRUDE WRAP: WTI (N6) SETTLES USD 0.76 HIGHER AT 91.30/BBL; BRENT (Q6) SETTLES USD 1.16 HIGHER AT 94.25/BBL

The crude complex was firmer to start the week, albeit settling way off highs, as Israel/Iran tensions ramp up. Upon reopening of trade after the weekend, benchmarks gapped higher in wake of the weekend escalations and back and forth fire from Israel and Iran, which saw WTI and Brent hit peaks of USD 95.47/bbl and USD 98.08/bbl, respectively. However, supporting the oil space retracing off peaks were a couple of more positive Middle East comments, and largely from US President Trump, who said "Israel and Iran must immediately stop shooting", and also that "Israel and Iran, are looking to do an immediate CEASEFIRE!". In addition to this, according to local media, Iran's armed forces announce end of military operations against Israel, but warned of harsher attacks if Israel resumes attacks on Lebanon, while Israel and US conveyed a message to Iran that there will be no further attacks if Iran does not fire again. As such, benchmarks settled well off highs, and Middle Eastern rhetoric dominated the tape as participants await the next development in the war. Within all this, one of the additional lines of following has been how Trump, at least for the last couple of days, has continuously requested Israel refrains from further, escalating attacks on Iran, as he thinks it may jeopardise a peace deal.