CRUDE WRAP: WTI (N6) SETTLES USD 0.22 HIGHER AT 88.90/BBL; BRENT (Q6) SETTLES USD 0.45 HIGHER AT 92.70/BBL

The crude complex settled with slight gains, albeit in choppy trade, as US/Iran updates dominated the tape. Whilst there was plenty of newsflow, the main update came via Axios, which sparked notable downside in oil, as US and Iran reportedly reached an agreement on a 60-day MoU to extend the ceasefire and launch negotiations on Iran's nuclear programme, but Trump is yet to give it his final approval; Trump asked to take a "few days" to think about it. However, it more recent trade Tasnim refuted the claims saying the text of the possible MoU has not been finalised and confirmed to this point. As such, participants await any further update regarding the MoU. For the record, WTI traded between USD 87.11-92.52/bbl and Brent USD 90.79-95.98/bbl. In the weekly EIA data, crude stocks and gasoline saw a shallower than expected draw, while Distillates saw a larger draw than anticipated.