CRUDE WRAP: WTI (U6) SETTLES 5.20 HIGHER AT USD 84.46/BBL; BRENT (U6) SETTLES USD 6.65 HIGHER AT USD 90.74/BBL

The crude complex surged on Wednesday as US/Iran tensions once again escalated. The main headline mover in the US session, which sent benchmarks to highs in the following hours, was Trump stating "we'll be hitting Iran hard" and that strikes will take place in response to attacks on US targets in Jordan. On the Trump/Netanyahu meeting, i24 reported that, unsurprisingly, Iran dominated the talks, and "Trump is weighing three options: a nuclear deal, maintaining and intensifying the economic blockade, or renewed military strikes." Elsewhere, and driving the initial bout of upside, was Iran launching missiles at a US base in Jordan, although CENTCOM said all missiles were intercepted. This was followed by US-Saudi strikes on Iranian-backed militia in Iraq, while Saudi air defences intercepted drones targeting energy infrastructure. Iran’s IRGC confirmed missile strikes on US assets in Jordan and said three tankers were hit and seized in the Strait of Hormuz, warning US interference would not go unanswered. However, a Senior American official did say, "There was no attack", regarding the earlier attack in Northwestern Iran in an empty area, reportedly from the Saudi's and the US. In the wake of the Fed, which saw the Fed hold rates as expected but with a 9-3 vote split (3 for a 25bps hike), a muted reaction was seen in oil. For the record, WTI traded between USD 79.92-85.57/bbl and Brent USD 83.95-88.43/bbl.