CRUDE WRAP: WTI (U6) SETTLES USD 1.20 HIGHER AT USD 79.34/BBL

The crude complex was firmer as strikes continued across the Middle East in the ever-widening conflict. In the latest example of the ceasefire being over and the conflict resuming, there were strikes reported in Kuwait, Oman, Bahrain, Jordan, Lebanon, as well as Iran, with state media saying US projectiles hit a target on Qeshm Island. Overnight, the US carried out a third night of attacks on Iran, with attention on whether "Pickaxe Mountain" will be targeted following Trump's remarks on Monday. In response,  a senior security source in Tehran said that Iran would deliver a “devastating response” if Trump goes through with the threat on Pickaxe Mountain, CNN reported, One of the other new headlines on Tuesday, and sparked a brief bout of pressure in energy benchmarks, as Trump said Hormuz is only closed to Iran, and replaced the 20% US "reimbursement fee" for using Hormuz with trade and investment deals with various Gulf states, which comes just hours before the US is set to resume its blockade of Iranian ports. 

Away from geopolitics, the cooler-than-expected US CPI report had little sway on oil prices, as participants await further Middle East updates overnight, but not before weekly private inventory metrics after the closing bell.