CRUDE WRAP: WTI (V6) SETTLES USD 1.55 HIGHER AT USD 93.03/BBL

Note: Given Labour Day on Monday (WTI didn't settle), WTI and Brent traded at wider spreads than usual on Tuesday.

The crude complex saw choppy trade, as US participants returned after the long Labor Day weekend. Initially, WTI and Brent were buoyed and hit peaks of USD 94.73/bbl and USD 99.46/bbl, respectively, after the Saudi Energy Minister said a number of energy facilities and utilities were hit, and that they are temporarily halting some operations. The Energy Minister added that authorities are working to ensure the safety of facilities and continuity of operations. Prior to this, Yemeni forces reportedly launched ballistic missile and drone attacks on targets in Saudi Arabia, including around Khamis Mushait, Abha airport and King Khsignificantlid Airbase. Following these remarks, benchmarks pared a large chunk of gains, and albeit seemingly not a headline driver, just on slightly more constructive remarks; Iran reported “significant progress” on a Strait of Hormuz shipping route, while Qatar said it is working with regional partners and China to resume US-Iran talks. In terms of SPR, crude oil stocks fell by about 1.2mln barrels to 285.4mln barrels last week, the lowest since 1982.