WTI & Brent trade $0.50 & $0.30 above...........>

OIL: WTI & Brent trade $0.50 & $0.30 above settlement, building on the modest

gains lodged Thurs, but back from highs. Tensions in the Gulf remain front &

centre, with a widely publicised Saudi-led coalition airstrike on Yemeni

remote-controlled boats & sea mine facilities keeping crude traders on edge,

rightly or wrongly. This came after a coalition of Gulf nations intercepted &

destroyed an explosives-laden boat launched by Yemeni Houthis on Thurs. Worry

re: the potential for weekend attacks is noted. Global powers seemingly want to

defuse the situation. Also worth highlighting that Kuwait's foreign minister

received a call from his Iranian counterpart to discuss de-escalatory measures

for the region. That came after the Iranian foreign minister, Zarif, threatened

all-out war in the case of a military strike on Iran, back on Thursday. There

has also been confirmation that Zarif & Iranian Pres Rouhani have received their

respective visas to journey to next week's UN gathering.

- Elsewhere, Iraq was keen to highlight that Saudi has not asked the country for

crude supplies, despite source reports to the contrary on Thursday.

- Baker Hughes rig count data will provide interest later today.