CRUDE WRAP: WTI (X6) SETTLES USD 3.22 LOWER AT 89.38/BBL; BRENT (Z6) SETTLES USD 2.69 LOWER AT USD 102.59/BBL

The crude complex saw losses and settled at session lows, as benchmarks sold off throughout the US session from earlier highs in the European morning. Initially, the paring of gains seemed to be on further signs that US-Iran diplomacy remains possible, as Qatar said mediation efforts are ongoing and focused on building common ground between the US and Iran. Thereafter, there were numerous downside catalysts, with the first being an Atlantic report that Trump backs Russia sanctions relief on prisoner release, and would create a path for the US to sign lucrative deals involving Russian oil, diesel, rare earth minerals, and other commodities. Secondly, US DoE offers up to 40mln barrels from SPR. Note, in June, the Trump admin offered to loan the last 40mln barrels from that IEA agreement, but later said that companies only agreed to borrow ~500k barrels. WTI hit a high of USD 94.74/bbl, while Brent topped out at USD 100.28/bbl. Meanwhile, White House has urged the EU to draw down from diesel emergency inventories in a bid to lower global prices, according to reports Ahead, traders await the weekly private inventory metrics after-hours, as well as any further Middle Easst rhetoric.