CRUDE WRAP: WTI (V6) SETTLES USD 0.13 LOWER AT USD 83.40/BBL; BRENT (X6) SETTLES USD 0.42 LOWER AT USD 88.10/BBL

The crude complex saw slight losses, albeit in tight ranges, as geopolitical newsflow was light on Friday, for a change. All in all, aside from central bank speakers at Jackson Hole, headline newsflow catalysts were sparse. The highlight from the symposium was Fed Chair Warsh, who stated the Fed has more work to do unless confident underlying inflation is moving towards the 2% objective. Back to US/Iran, two regional sources told Axios that in recent days Iran has shown renewed interest in negotiations, but no reaction was seen. Elsewhere, the US Treasury is set to sanction UAE branches of Egypt's second-largest bank, "Banque Misr" for doing business with Iran, FT reports citing a Bessent statement, and is also to impose sanctions on the general manager of the Dubai branch of Iran’s Bank Melli and a Hong Kong-based company. This comes following Bessent's announcement earlier in the week on 'Operation Economic Outcast' that if anyone doesn't shut down economic activities with Iran, they'll be sanctioned, and it isn't a finite timeline. WTI traded between USD 82.25-83.78/bbl and Brent USD 87.26-88. 75/bbl.