CRUDE WRAP: WTI (V6) SETTLES USD 4.46 HIGHER AT USD 90.22/BBL; BRENT (X6) SETTLES USD 4.16 HIGHER AT USD 94.65/BBL

The crude complex rallied and settled at highs as US/Iran traded further strikes alongside punchy rhetoric. As such, benchmarks hit troughs in the European morning before moving higher throughout the US session, as sparked by numerous headline catalysts in the US afternoon. In the EU morning, oil saw upside amid reports that two oil supertankers were hit by projectiles in the Strait of Hormuz. Nonetheless, the upside began as the US attacked Iran, with CENTCOM and Trump confirming they did; some reports suggested that explosions were heard in Bandar Abbas, Qeshm Island, and Chabahar. Explosions were also heard at the gas plant complex in Aslawiya. Trump added that if Iran retaliates, they will be hit again at a much harder and higher level. Following the US strikes, some suggested Iran launched missiles, with other sources suggesting that they will respond to the attacks in many ways and will be multiple times the US attack. Latest reports noted that Iran launched its retaliatory attacks against US bases and interests. WTI hit a peak of USD 90.55/bbl from an earlier low of USD 86.13/bbl, while Brent moved up to USD 95.09/bbl from USD 90.70. Aside from focus on any response or further escalation, we also get the weekly private inventory metrics after-hours.