CRUDE WRAP: WTI (N6) SETTLES USD 1.91 LOWER AT USD 96.35/BBL; BRETT (N6) SETTLES USD 2.44 LOWER AT 102.58/BBL

The crude complex saw losses on Thursday as optimism over an end to the Middle-East conflict grew. Initial upside was unwound on ILNA reports, citing Al Arabiya TV that claims the final draft of the US-Iran agreement has been reached with mediation of Pakistan, expected to be announced within next few hours (points listed below). The reporting followed US Secretary of State Rubio comments, who said Pakistanis will travel to Iran today; Rubio noted, let's see if we can get a deal, and there are some signs some progress has been made in the talks, but don't want to be too optimistic, and we'll see where things head in the coming days. Before the above stories, the key reports were conflicting headlines around Iranian enriched uranium; Reuters initially reported that Supreme Leader Khamenei ordered enriched uranium to stay in Iran, suggesting a hardening of stance on nuclear stockpile. However, the White House later pushed back on this pushing back on this, as did Iran, with a senior Iranian official denying the news to Al Jazeera. Before settlement, Al Hadath reported that a high-level source familiar with the matter: The Iranian Supreme Leader's final decision is not to hand over the enriched uranium to Washington. Regarding Trump on the matter, he said that the US will get Iran's Uranium will likely destroy it - leaving the Uranium topic rather up in the air. WTI traded between USD 95.76-102.66/bbl and Brent USD 102.17-109.30/bbl.

ILNA reported draft US-Iran agreement, citing Al Arabiya TV:

1. This draft includes an immediate and comprehensive ceasefire on all fronts.
2. The Parties mutually undertake to refrain from targeting infrastructure.
3. Freedom of navigation in the Persian Gulf and the Strait of Hormuz is guaranteed under a joint monitoring mechanism.
4. Sanctions will be gradually lifted in exchange for Iran’s compliance with the terms of the deal.
5. Negotiations on outstanding issues shall begin within a maximum of seven days.