CRUDE WRAP: WTI (Z6) SETTLES USD 1.51 LOWER AT 101.76/BBL; BRENT (F7) SETTLES USD 0.96 LOWER AT USD 110.74/BBL

The crude complex was lower, albeit in choppy trade. Fresh catalysts were light on Monday, with plenty of macro risk events due later in the week, although focus remains firmly on geopolitics. Over the weekend, US President Trump said it was "getting to be decision time" on whether to strike a deal with Tehran or resume attacks. CNN reported on Monday that US forces in the Middle East are prepared to launch major strikes against Iran within 96 hours of Trump's approval. Nonetheless, benchmarks came under pressure after the Saudi Foreign Ministry said a visit to Tehran by representatives of the Mecca Agreement countries is part of efforts to de-escalate tensions between the parties to the crisis. This came despite the Houthis saying overnight that they had targeted pumping stations on Saudi Arabia's East-West crude pipeline with drones and attacked King Khalid International Airport in Riyadh, although Saudi Arabia did not immediately confirm the attacks. A senior Iranian official reportedly said talks in Tehran with Mecca Pact members exclude the nuclear issue; Iran will not discuss its nuclear programme until the US meets Tehran's demands. In the US, crude stocks in the SPR fell to 282.6mln bbls last week, the lowest level since 1982. For the record, WTI traded between USD 100.33-103.13/bbl and Brent between USD 109.22-112.20/bbl.