CRUDE WRAP: WTI (Q6) SETTLES USD 2.69 LOWER AT USD 69.23/BBL; BRENT (Q6) SETTLES USD 3.27 LOWER AT USD 71.99/BBL

The crude complex saw losses on Friday, despite the overall tone of chatter seemingly more negative. Disparity over the openness of the Strait of Hormuz remains, as Iranian Deputy Foreign Minister said safe passage through the Strait of Hormuz without consideration of Iran's sovereignty is not guaranteed; following this, US President Trump noted Iran shot at least four one way attack drones at ships transversing the Strait, and noted it is a foolish violation of their ceasefire agreement. Further on the Strait, Oman reportedly warned European allies that they may need to pay ship fees to go through the Strait.

Regarding Israel and Lebanon, there were reports of shelling in the latter, and Israel reportedly dropped flyers on a southern Lebanon town, ordering people to leave; which is the first such order since the ceasefire. However later in the session US, Israel, and Lebanon signed a trilateral framework agreement.

After the US cash open, some mild strength was seen after reports that the UAE issued missile alerts, though this faded soon after, given another phone alert suggested that the situation is safe.

For the record, weekly Baker Hughes rig count saw oil jump 7 to 573, nat gas lift 3 to 125, leaving the total up 10 at 573.