CRUDE WRAP: WTI (U6) FUTURES SETTLED USD 1.15 HIGHER AT 82.40/BBL; BRENT (V6) SETTLES USD 1.45 HIGHER AT 88.52/BBL

The crude complex was firmer to end the week, albeit on very light newsflow. Heading into the weekend, Middle East updates were sparse on Friday in typical thin summer trading conditions, as participants seemingly await the next catalyst, whether it be positive of negative, on the US/Iran war. While there was no major update in the Middle East, the notable highlights include Bessent saying they will implement unprecedented measures on Iran and are conducting a maximum pressure campaign against Iran, while the UKMTO said a tanker was struck by a drone while transiting outbound through the Strait of Hormuz. For the record, in the weekly Baker Hughes rig count, oil rigs rose 1 to 455, natgas lifted 4 to 128, leaving the total up 5 at 593. WTI traded between USD 80.71-82.99/bbl and Brent USD 86.20-88.69/bbl.