CRUDE WRAP: WTI (U6) SETTLES USD 2.88 LOWER AT 89.31/BBL; BRENT (U6) SETTLES 3.91 LOWER AT 96.78/BBL

The crude complex saw losses on Friday, but appeared to be an unwinding of the weeks gains heading into the weekend, instead of any US/Iran de-escalation. Despite saying that, benchmarks did encounter a bout of pressure, and get sent to lows, on two updates: 1) Pakistan reportedly looking to resume US-Iran talks, in a push by China 2) Trump noting Xi and Putin have said they would not sell weapons to Iran. Despite that, the overall rhetoric remains aggressive and no indication of a peace agreement, as the NYT recentrly reported that Trump was meeting on Friday with top advisers and senior members of his cabinet to decide whether to intensify the military assault against Iran. Into the weekend, some geopolitical risk has been taken off the table as participants await updates on the situation, and how the state of play will be different upon the reopening.