CRUDE WRAP: WTI (X6) SETTLES USD 3.21 HIGHER AT 91.49/BBL

The crude complex was firmer, albeit settling off highs, after Trump's latest Truth pushed back on earlier reports. Benchmarks gained through the European session, and through the US day, amid initial ever-increasing US-Iran escalation risks, with reports that Washington had completed operational plans for potential strikes against Iran ahead of the November midterms, although no final decision had been made. As such, WTI and Brent hit highs of USD 93.20/bbl and 105.92/bbl, respectively, but they swiftly pared a chunk of their gains after US President Trump posted on Truth they are having productive discussions with Iran, and they will not be attacking Iran at any time before the midterms. Aside from these two major updates, for reference, benchmarks saw movement on three separate Middle East headlines, with upside on the first and third, and downside on the second; 1) Iranian supreme leader’s adviser said Strait of Hormuz will not reopen until outstanding issues are resolved; 2) Iranian Foreign Minister Araghchi remarked the negotiation process continues and will respond to the US proposal within days; 3) Houthi spokesperson warned "all employees, including experts, engineers, and workers, at all Saudi oil facilities against being present in areas that are targets for our forces". WTI hit a low of USD 88.77/bbl and Brent 100.76/bbl following the aforementioned Trump Truth, as participants await any further updates or a response from Iran. Axios had later reported that if major US combat operations resume on Iran, they're expected to include large-scale strikes on Iranian energy facilities, infrastructure and nuclear targets.