CRUDE WRAP: WTI (U6) SETTLES USD 1.08 HIGHER AT USD 84.67/BBL

The crude complex saw gains heading into the weekend, as participants will be looking for any escalatory or de-escalatory actions, despite how unlikely the latter seems. Energy benchmarks reversed initial losses to trade higher despite being lower at the start of the European session, with Iran's IRGC stating two offending tankers were hit and stopped, and four offending tankers quickly changed course. Additionally, the IRGC said the Strait of Hormuz is closed, and any transit and movement will be possible only with the coordination of the IRGC Navy. There were a couple of further headlines which saw crude upside as some source reports said US and Israel are considering a land blockade of Iran to increase economic pressure, while on the supply side CPC said to have discussed "indefinite" halt of oil and tanker operations and will make decision later today. Note, we are yet to have a decision.

Away from geopols, focus is also on the upcoming OPEC+ JMMC, whereby a 188k BPD September output increase is widely expected, with attention on whether further hikes are paused thereafter. In addition, the weekly Baker Hughes rig count saw oil up 1 at 451, natgas unchanged at 127, leaving the total up 1 at 588.