CRUDE WRAP: WTI (M6) SETTLES USD 3.13 LOWER AT USD 101.94/BBL; BRENT (N6) SETTLES USD 2.23 LOWER AT USD 108.17/BBL

The crude complex ended the day with losses, as Tehran submitting a new proposal weighed. Prior to this, WTI and Brent hit peaks of USD 106.65/bbl and 112.45, respectively, as oil prices were elevated heading into a weekend of geopolitical risk. Following this, risk tone improved and benchmarks fell as Axios' Ravid said Iran delivered on Thursday to the US through the Pakistani mediators its response to the latest US amendments on the agreement to end the war. However, sources "added nuclear negotiations will not succeed under these circumstances, and the focus will likely be on ending the war." Nonetheless, Pakistani officials also said Iran's latest response to the US terms for a peace deal was delivered to the US officials, and crude continued to slip. In following reports, Tehran could see talks restarting if the US lifts its blockade of Iranian ports and Iran fully reopens the Strait of Hormuz, but the source added that Iran remains deeply distrustful of the US. Further still, Trump was on the wires and said he is not satisfied with the latest proposal from Iran, Iran negotiations are not getting there right now, and said they are asking for things he cannot agree with. Into the weekend, focus will be on any progress, or escalation, regarding US/Iran. For the record, weekly Baker Hughes rig count saw oil fall 1 to 408, natgas rise 1 to 130, leaving the total up 3 to 547.