CRUDE WRAP: WTI (Q6) SETTLES USD 0.65 LOWER AT 78.95/BBL; BRENT (U6) SETTLES USD 0.72 LOWER AT 84.23/BBL

The crude complex was choppy, but ultimately settled lower, despite the situation between US and Iran remaining tense. Overnight, the US completed another round of strikes on various parts of Iran, targeting military capabilities, and Iran responded with its own attacks on Kuwait and Jordan. The next steps seem unclear, whether it is a path back to peace, or further escalations, as Trump said that strikes would expand next week; WSJ suggested that Trump is leaning toward expanding US military operations in Iran after days of briefings from top aides. Benchmarks moved higher after a Reuters report suggested that the IRGC-backed Houthis are to close the Bab El Mandeb Strait, if the US hits Iran’s power network. Meanwhile, crude saw fleeting upside amid headlines that booms were heard in Dubai's downtown area. However, a move lower was seen on the Dubai media official denying the reports, while Qatar officially pushed back on reports in Israeli media that Qatar agreed to participate in military action against Iran. Nonetheless, benchmarks came off lows into settlement as US CENTCOM said it is carrying out new strikes on Iran.