CRUDE WRAP: WTI (N6) SETTLES USD 2.50 LOWER AT 90.54/BBL; BRENT (Q6) SETTLED USD 1.94 LOWER AT 93.09/BBL

The crude complex was lower to end the week, as there was no new escalation between US/Iran heading into the weekend. Middle Eastern updates were actually fairly sparse, with not too much new, although desks continued to note the differences between the two nations, amid conflicting reports. Iranian press said that Iran has informed Pakistan of its acceptance of transferring part of its uranium to a third country that agrees to it, but Tehran later denied these claims. Al Hadath added the main gap in the negotiations is the release of frozen Iranian funds. America still refuses Iran's request to release frozen funds, while Iran has reportedly demanded the release of at least 50% as soon as an interim agreement is signed with the US.  Axios highlighted how US is waiting for the Iranian response still, but sources suggest gaps are relatively narrow. 

Elsewhere, US Energy Secretary Wright said US is to add 40mln bbls to SPR after Iran conflict is over, while in the weekly Baker Hughes rig count, oil rose 2 to 431, Nat gas fell 1 to 124, leaving the total up 1 to 563. WTI traded between USD 89.68-93.63/bbl and Brent USD 92.67-95.60/BBL.