CRUDE WRAP: WTI (U6) SETTLES USD 1.07 HIGHER AT 83.20/BBL; BRENT (V6) SETTLES USD 1.19 HIGHER AT USD 88.91/BBL

The crude complex ended the day with gains, albeit in which was a choppy session as Middle East headlines dominated the tape in an otherwise quiet day. Initially, upside was seen after reports that a Saudi ship was targeted near Bab al-Mandab by Yemen's Houthis. This saw WTI and Brent hit peaks of USD 84.61-/bbl and 90.03/bbl, respectively, before a few more constructive reports saw oil pare all gains; Qatar's Foreign Ministry Spokesperson remarked that negotiations between Oman and Iran are in an advanced stage, while Pakistani Defence Minister reportedly signalled the US and Iran are close to some agreement and the situation is moving towards peace. WTI and Brent then hit lows of USD 81.27/bbl and 86.60, before paring reversing again to settle well within session ranges, as WSJ, citing a US official, said US forces fired on a Panama-flagged ship that attempted to run the American blockade of Iranian ports early Tuesday. Ahead, aside from the obvious geopolitical updates, macro attention will be on US CPI on Wednesday.