CRUDE WRAP: WTI (U6) SETTLES USD 4.57 LOWER AT USD 75.77/BBL; BRENT (V6) SETTLES USD 4.41 LOWER AT USD 79.36/BBL

Crude prices were hit following multiple updates pointing towards progress surrounding the reopening of the Strait of Hormuz: 1) Qatari official says language had been drafted for a possible US-Iran deal, 2) Oman and Iran are reportedly expected to make an announcement regarding the Strait of Hormuz soon; 3) Iran weighs allowing Europe to clear mines in the Strait of Hormuz. Altogether, the updates saw crude reverse initial gains, with each new development sparking further pressure on prices, despite overnight reports that a US base in Kuwait was struck. Reporting shows that the Iran-Oman plan would give Iran full control over inbound shipping, whilst Oman would clear departures after notifying Iran; however, the US would likely reject the proposal given the deal opposes free navigation. WTI and Brent traded between USD 75.16-82.33/bbl and USD 78.70-86.33/bbl, respectively.

• Ukraine struck a major Russian oil refinery 800km from the border, attacking the Syzran oil refinery (170k BPD); a major fire broke out on the premises, RBC Ukraine reported
• Goldman Sachs expects Brent crude to trade within a USD 80–90/bbl range until a new US-Iran agreement is confirmed or attacks escalate significantly