Price action
Crude futures fell Brent 43 cents, equivalent to 0.5 percent, to $77.62 per barrel by 0015 GMT.
US West Texas Intermediate crude futures fell 35 cents, or 0.5 percent, to $74.03 per barrel, according to Reuters data.
Brent rose last week by more than eight percent, its largest weekly rise since January 2023, while West Texas Intermediate rose 9.1 percent in its largest weekly rise since March 2023.
“The decline may have been due to profit-taking selling after the price rise last week,” said independent market analyst Tina Teng.
“However, it is likely to remain,” she added Oil market “It is facing pressure that causes prices to rise due to fears of an Israeli response to Iran. Geopolitical tension now plays a major role in determining the direction of the market.”
Israel bombed Hezbollah targets in Lebanon And the Gaza Strip, on Sunday, the eve of the first anniversary of the October 7 attacks. The Israeli Defense Minister said that all options are on the table to respond to Iran.
This came after it was mounted Iran A missile attack on Israel in response to Israeli operations in Lebanon and Gaza.
Meanwhile, Israeli police said early Monday that rockets fired by Hezbollah hit Haifa, Israel’s third-largest city.
