CRUDE WRAP: WTI (Q6) SETTLES USD 0.67 LOWER AT USD 71.41/BBL; BRENT (U6) SETTLES USD 0.29 LOWER AT USD 76.01/BBL

The crude complex was lower on Friday, as geopolitical headlines seemingly took a pause as participants await any weekend updates. Despite saying that, there were a couple of market moving headline which moved benchmarks. As US players entered for the day, the energy space saw downside amid reports that Qatar negotiators are in Iran to meet Iranian officials in an effort to de-escalate tensions and create conditions for broader negotiations to continue, and talks conducted in coordination with the US. However, reversing this price action and seeing broad-based risk-off market reaction was Trump stating "Iran has asked us to continue 'talks. We have agreed to do so, but the US has stated to them, in no uncertain terms, that the Cease Fire is OVER!". Overall, WTI traded between USD 70.77-73.16/bbl and Brent USD 75.30-77.52/bbl as attention turns to the aforementioned weekend rhetoric. On that, there have been conflicting reports as some suggested another round of negotiations between the US and Iran is expected next week, possibly in Switzerland, but Fars later pushed back on this.