CRUDE WRAP: WTI (Q6) SETTLES USD 1.52 HIGHER AT 70.75/BBL; BRENT (U6) SETTLES USD 1.31 HIGHER AT 73.91/BBL

Crude prices settled higher to start the week following strikes between the US and Iran over the weekend. While the strikes have been reportedly halted and talks have been set for this week, Iran rejected Trump's claim of a scheduled meeting on Tuesday in Doha. A spokesperson for the Iranian FM said that the fact that the US representatives are travelling to Qatar has nothing to do with the Iranian delegation's trip to Qatar, which is being made to follow up on the implementation of the provisions of the MoU, including Article 11 (release of Iranian frozen funds). The strikes which led to the technical talks on Sunday being cancelled included: The US on Friday, striking Iranian coastal radar installations and missile and drone storage sites in response to Iran’s drone attack on a commercial ship in the Strait of Hormuz. The US also conducted a fresh round of strikes against Iran on Saturday in tit-for-tat attacks, in which the US targeted Iranian communication and air defence sites, drone-storage facilities and minelaying capabilities after Iran hit another ship carrying Qatari oil. Meanwhile, Iran launched missiles and drones targeting the Ali Al-Salem Air Base in Kuwait and the Fifth Fleet in Salman Port, Bahrain, on Sunday. Lastly, the Iranian deputy foreign minister said they told the Omanis that transit paths in Hormuz will have to be redefined, and technical talks will be held on that. WTI and Brent traded between USD 69.32-71.15/bbl and 71.83-73.50/bbl, respectively.