CRUDE WRAP: WTI (X6) SETTLES USD 0.95 HIGHER AT 95.09/BBL; BRENT (Z6) SETTLES USD 0.37 HIGHER AT 106.06/BBL

The crude complex saw strength, as geopolitical tensions continue to simmer, with little sign of a breakthrough or de-escalation. Saudi/Houthi strikes remain a clear key risk, with a Yemeni Army Spokesperson today saying operations towards Saudi airports and oil facilities will continue in the coming days, and warned global shipping cos., civilians and workers to evacuate such airports/firms, as they are legitimate targets. In the Strait of Hormuz, IRGC Navy said that a container ship carrying 2,500 containers sank south of the Strait, with separate reports noting of container ships being struck. Prior to this, US President Trump gave his usual rhetoric that they've been taking more oil out of the Strait than before the war, reiterating that the war with Iran will end soon. Away from geopolitics, the IEA OMR for October saw world oil demand falling by 2.6mln BPD in 2026 on Iran war disruption and rising prices (prev. 2.5mln BPD drop). OMR added oil supply is projected to post an average annual decline of 5.8mln BPD to 100.7mln BPD. Ahead, weekly private inventory metrics are due after-hours, delayed a day on account of US Columbus Day on Monday. WTI traded between USD 93.97-96.06 and Brent traded between USD 105.21-107.15/bbl.