CRUDE WRAP: WTI (X6) SETTLES USD 0.01 HIGHER AT 89.44/BBL; BRENT (Z6) SETTLES USD 0.26 HIGHER AT USD 100.58/BBL

The crude complex saw two-way trade on Tuesday, but ultimately settled more-or-less flat. For a change, market-moving geopolitical headlines were a bit thinner, albeit still present, as traders continue to digest the current whereabouts of the US/Iran talks and position of either side. On the supply front, Al Hadath reported that the Saudi Energy Minister said 5.8mln BPD (vs capacity of 7mln BPD) is currently flowing through the East-West pipeline, and operations resumed around five days after the hit. Later reports, via Argus, suggested the pipeline sustained damage to three of the 11 pumping stations, but the pipeline itself was not damaged. Elsewhere, and prior to this, benchmarks saw modest upside after Saudi Arabia confirmed Jazan and Najran airports were hit by strikes on Monday. Regarding the position of talks, Qatar said the US and Iran are still engaged in talks, and the Iranian Minister says talks with the Emir of Qatar were “constructive”. However, in most recent trade, an explosion was heard on Qeshm Island, Iran, from the sea. US EIA STEO: 2026 world oil demand view 102.4mln BPD (prev. 102.6mln BPD), 2027 104.6mln BPD (prev. 105mln BPD)