CRUDE WRAP: WTI (U6) SETTLES USD 6.70 LOWER AT 82.61/BBL; BRENT (V6) SETTLES USD 5.81 LOWER AT 85.87/BBL

Crude prices entered the week significantly lower following a weekend lacking further escalation between the US and Iran. The NYT reported that private deliberations in the Trump admin have focused on the Pentagon’s shrinking inventory of Patriot interceptors and other air defences. The US paused strikes on Iran starting from Saturday after 13 consecutive days of strikes, with Iran seemingly pausing strikes as well. However, the Houthis have still shown frustration with the Saudis. Over the weekend, the Houthis said on Sunday that they attacked three Saudi oil tankers in the past 48 hours and are enforcing maritime blockade measures against vessels linked to Saudi Arabia. Additionally, the Iran-backed militia took responsibility for today's attacks on the huge Abqaiq oil facility in eastern Saudi Arabia. In the US afternoon, Trump said we are having deep talks with Iran, N12 reports; "I'm not giving much time to negotiations - either it will move quickly, or it won't happen at all". However, an Iranian Foreign Ministry spokesperson said earlier today that they have not requested the resumption of talks with the US.As it stands, it is a tentative ceasefire, lacking a formal declaration from both sides, leaving the situation still very volatile. While Axios reported that regional sources said negotiations between Oman and Iran have made progress, no agreement has been reached on the Strait of Hormuz. WTI (U6) and Brent (V6) traded between 81.99-86.20 and 84.65-88.95, respectively.