CRUDE WRAP: WTI (U6) SETTLES USD 0.89 HIGHER AT USD 78.18/BBL; BRENT (V6) SETTLES USD 1.06 HIGHER AT USD 83.55/BBL

Crude prices settled higher as markets walked back some optimism about the reopening of the Strait of Hormuz, as we are still yet to get concrete proof that substantial progress is being made. Reports today highlighted that we are still waiting for final approvals from the Iranian Supreme National Security Council about the deal with Oman and the US. "We expect this approval soon", a diplomat told Axios. Meanwhile, another attack from the Houthis on Saudi-backed forces adds another difficulty for the US to reach a long-lasting resolution with Iran. Adding another hurdle is the repeated demand from Iranian officials that "passing through the Strait of Hormuz is subject to the lifting of sanctions and the payment of compensation. Meanwhile, a US official reiterated progress is being made, noting that once a deal is announced to resume commercial shipping without obstacles, the US will lift the blockade of Iranian ports. WTI and Brent traded between USD 76.53-78.77/bbl and USD 81.50-84.44/bbl, respectively. 

• Baker Hughes rig count: Total unch at 588, oil +3 at 454, nat gas -3 at 124
• Satellite images via Windward showed all three loading bays at Iran's main export terminal, Kharg, had been “empty for a sustained period”.