CRUDE WRAP: WTI (X6) SETTLES USD 0.52 LOWER AT 101.91/BBL; BRENT (Z6) SETTLES USD 0.83 LOWER AT USD 99.93/BBL

The crude complex was lower as a series of de-escalatory headlines appeared to outweigh continued Middle East supply risks. On the former, China reportedly pressed Iran to help rein in the Houthis following a Saudi appeal, while Saudi Arabia reportedly asked Oman to seek a two-week truce with the Houthis, with both headlines prompting downside in energy benchmarks. Meanwhile, the Pakistani Army Chief reportedly urged Iran to convince the Yemeni Houthis to not attack Saudi Arabian energy facilities, according to Kan's Kais. Nonetheless, the usual Iranian rhetoric continued, with a political adviser to the Supreme Leader stating that the Strait of Hormuz will not be reopened until Trump and Netanyahu are “brought down from the seat of power”. On the supply side, some Israeli journalists shared an image of what appeared to be smoke rising from an oil facility in Yanbu, Saudi Arabia, following a Houthi attack - albeit this was never confirmed. Separate reports later suggested that three pumping stations along Saudi Arabia's East-West pipeline were damaged in last week's attack, versus two previously reported, highlighting the continued risks to Saudi energy infrastructure despite the more constructive diplomatic headlines. As such, WTI (X6) fell to a low of USD 94.64 from a peak of USD 97.73/bbl, while Brent (Z6) traded between USD 97.92 and USD 101.14/bbl.