CRUDE WRAP: WTI (X6) SETTLES USD 1.68 LOWER AT 89.43/BBL

The crude complex ended the day in the red, albeit in choppy trade, amid a slew of market moving headlines. Initially, benchmarks saw upside after AFP reported that Saudi Arabia's East-West oil pipeline pumping reportedly halted after a new attack. However, oil swiftly pared these initial moves as BBG citing sources said East-West pipeline is flowing as normal.

Benchmarks later saw upside on two further supply headlines, with them being: 1) Reports of a "massive explosion" at a oil refinery in Jeddah, Saudi; 2) Yemeni Houthis hit Saudi Arabia's Ras Tanura refinery (550k BPD) with missiles. In the midst of the upside, there were some positive geopolitical updates, which prompted downside, as Yemeni Houthi leader reportedly called for a truce, saying “no one benefits from war, while the Iranian Interior Minister headed to Doha for talks. However, Houthi media pushed back on claims of a truce. Elsewhere, Yemeni government forces also claimed control of Bab al-Mandab, although the Houthis disputed the government claims of victory. Overall, WTI traded between USD 88.88-91.88/bbl and Brent USD 99.90-103.40/bbl, as traders await any further updates on geopolitics.