CRUDE WRAP: WTI (N6) SETTLES USD 1.54 LOWER AT USD 87.36/BBL; BRENT (Q6) SETTLES USD 1.58 LOWER AT 91.12/BBL

The crude complex was ultimately lower on Friday, albeit in choppy trade, as hopes surrounding a peace deal between US and Iran seemingly improved. The main market moving headline was as European players started to leave for the weekend, as the US President posted on a lengthy message on Truth, but in summary seemed to suggest an agreement the US was near with Iran. In the post, Trump said the Hormuz Strait must be immediately open, no tolls, for unrestricted shipping traffic, all mines will be terminated through detonation, Iran will complete the immediate removal and/or detonation of any mines that are left. As such, markets saw immediate risk on trade (downside oil and Dollar, upside spot gold, Treasuries, and stocks), but some of this moved ultimately pared as Iranian media, citing sources, pushed back on some of these claims. Fars dismissed Trump's claims about a US-Iran deal as a "mix of truth and lies", and quoted informed sources as saying there is no clause obliging Iran to open the Strait without fees, and no agreement to dismantle nuclear materials. Iran said the release of USD 12bln in frozen assets is a precondition for any deal and that no further negotiations will begin until that payment is made. While these were the main takeaways from Friday trade, there was some modest upside for crude into settlement amid reports of air defence activity reported near Iran's Qeshm Island. Brent saw some upside into settlement amid reports no decision was reached by President Trump on a new deal; the administration believes it is close to an agreement, with outstanding issues including the unfreezing of funds for Iran.