CRUDE WRAP: WTI (Z6) SETTLES USD 2.12 HIGHER AT 104.12/BBL; BRENT (F7) SETTLES USD 2.63 HIGHER AT 113.43/BBL

The crude complex saw gains to end the week as focus remains on the potential resumption of US strikes on Iran following the midterms. On Friday, benchmarks saw some downside pressure amid reports surrounding a US-Iran deal; Qatari mediators were reportedly returning to Tehran today as part of efforts to reach a deal, with mediation talks coordinated with the US, and CBS later reported there were indications of progress being made. Despite that, crude benchmarks still lifted to settle firmly in the green as participants await the conclusion of the midterms to see whether or not US President Trump decides to attack Iran - reports have suggested a limited strike on Iranian infrastructure. Elsewhere, IRIB reported that a supertanker exploded after hitting a naval mine on an unauthorised route through the Strait of Hormuz. On strikes, post-settlement on Thursday the Houthi military stated it carried out six operations against Saudi Arabia, which included targeting the Ras Tanura refinery, Aramco's Abqaiq facility and the Rabigh refinery with ballistic missiles. Further on geopolitics, but away from the Middle East, Russia's Defence Ministry said it struck military and energy facilities in Ukraine's Kyiv and Dnipropetrovsk regions, as well as port facilities and cargo vessels in Odesa. On supply, Libya's NOC said an armed group shut down a valve on the Hamada-Zawiya crude oil pipeline, forcing a halt to pumping operations and threatening the loss of around 15k BPD in crude supplies to the Zawiya refinery. For the record, in the weekly Baker Hughes rig count, oil rigs rose by 2 to 462, natgas rigs fell by 2 to 130, leaving the total unchanged at 603. On Friday, WTI traded between USD 102.43-104.99/bbl, while Brent traded between USD 111.03-114.29/bbl.