CRUDE WRAP: WTI (Z6) SETTLES USD 0.31 HIGHER AT 90.83/BBL; BRENT (F7) SETTLES USD 0.03 HIGHER AT 98.32/BBL

The crude complex was choppy and eked out mild gains on Friday, but still posted notable weekly losses amid more positive US/Iran deal chatter and in the wake of the Democratic sweep. With markets closed over the weekend, attention turns to any escalatory or de-escalatory developments. On Friday, benchmarks pared some of Thursday's rebound during the European morning as markets digested a call between Qatar's Emir and US President Trump regarding de-escalation. Prices then reversed higher on reports that Iranian official Bagheri said Iran would no longer accept US commitments on paper alone and must see concrete actions before entering a new round of diplomacy. Pressure returned after Al Arabiya, citing sources, reported that Iran is responding positively to the latest proposal presented by mediators, adding that Tehran is awaiting practical steps from Washington to build trust. More recently, Kan News reported that the Israeli political leadership has not directed the IDF to attack Iran, although such a directive remains a possibility, with some reportedly viewing it as the most likely option. Meanwhile, US President Trump said overnight that the world would know very soon whether he decides to make a deal with Iran to end the war or order further strikes. Elsewhere, reports suggested that oil traders including Vitol and Mercuria are in talks with the US about using sanctioned tankers in a move aimed at easing freight rates and oil prices. In the weekly Baker Hughes rig count, oil rigs rose by 1 to 463 and natural gas rigs rose by 1 to 131, while the total rig count increased by 1 to 604.