CRUDE WRAP: WTI (V6) SETTLED USD 3.40 LOWER AT 102.43/BBL; BRENT (X6) SETTLED USD 2.92 LOWER AT 105.83/BBL

The crude complex saw losses, paring some of Tuesday's extensive strength, as participants await further Middle East or supply updates. Regarding headline catalysts for the downside, there were a few, coupled with an unexpected chunky crude build in the weekly private inventory metrics last night. Back to the headline drivers, China's Foreign Minister met with their Iranian counterpart, encouraged Iran and the US to exercise rationality, and urged all parties to take effective measures to reopen the Strait. Meanwhile, US/Iran, Iranian FM Aragchi stated the MoU with America is in effect and want to return to a peaceful solution. Furthemore, source reports suggested that US officials met with Yemeni Houthis in Oman over the weekend, and Houthis told the US they remain committed to 2025 ceasefire and will avoid hitting US or Israeli ships. Away from geopolitics, but on the supply footing in the Middle East, Saudi reportedly look to resume half of key oil pipeline within days, which pushed WTI and Brent to session lows of USD 100.97/bbl and 104.00/bbl, respectively - vs earlier highs of 105.63 and 108.59/bbl. Note, there was little move after the FOMC hiked rates by 25bps, as expected but the Dollar strengthened notably.