CRUDE WRAP: WTI (V6) SETTLES 6.43 HIGHER AT USD 102.48/BBL; BRENT (X6) SETTLES USD 6.42 HIGHER AT USD 107.63/BBL

The crude complex surged, with WTI breaching USD 103/bbl and Brent USD 108/bbl as the US/Iran war intensifies. Focus on Thursday resided around the Bab al-Mandeb Strait, and saw benchmarks soar higher throughout the duration of the US session, and to settle around highs. Iranian media reported that the Houthis are nearing complete control of the strategic waterway, followed by reports of control over Zaqar and Mayun islands and the Al-Omari military base as well as the cities Al Mukha and Mocha. Oil rallied amid the prospect of disruption around another key global shipping route added to existing Hormuz woes. Sparking some brief modest paring of gains was a Houthi spokesperson noting "regarding freedom of navigation and international trade in the Red Sea and Bab al-Mandab, these are safe and proceeding normally, and there is no need for any international concern". Furthermore, initial intraday highs were seen as WSJ reported that Iran resumes ballistic missile production. Away from the Middle East, the weekly EIA data saw crude oil stocks see a slightly shallower draw than anticipated, while both distillates and gasoline saw a surprise build.