CRUDE WRAP: WTI (U6) SETTLES USD 4.33 LOWER AT USD 80.34/BBL; BRENT (V6) SETTLES USD 4.16 LOWER AT USD 83.77/BBL

Oil was sold following Trump cancelling strikes over the weekend against Iran, at the request of Iran and other Middle Eastern countries, subject to making a deal rapidly. Prices gapped lower, showering little appetite to trim losses throughout denials from Iran. Officials in Iran, rejected the idea that the direct talks were ongoing with the US and that talks with Oman on the Strait of Hormuz are unrelated to any third party; Issues with the US should be addressed at a later stage. Additionally, Iran said there are no plans to receive a US delegation or send an Iranian delegation in the coming days. Ahead of settlement, US President Trump said they are talking about having the Strait completely open by tomorrow; thereafter, Phase Two is when they will talk about the denuclearisation of Iran; short-lived reactions were seen on Trump's remarks. WTI and Brent traded between USD 78.43-81.30/bbl and USD 81.55-84.66/bbl respectively.

• Kpler shipping data showed 18 vessels passed through the Bab al-Mandeb on Sunday vs 27 on Saturday
• Bloomberg's Blas posts "All counted, probably ~5m b/d is flowing dark..." via the Strait of Hormuz
• Kuwait's July crude oil production rose to 1.97mln bbls/day in July (prev. 1.67mln/day), its highest level since the start of the Middle East conflict, Bloomberg reports
• Kazakhstan's oil and gas condensate production fell to 1.85mln bpd in July (prev. 2.16mln bpd) due to export disruptions through the CPC, according to sources
• Russia's seaborne crude oil exports from its western ports are set to rise 4% in August M/M, according to Traders