Key facts
- Oil prices fell on Monday after surging to near six-month highs last week.
- Hopes for easing hostilities between the United States and Iran contributed to the decline.
- Persistent attacks on Saudi Arabia kept investors wary.
Oil prices declined on Monday, reversing some of last week's gains that had pushed them to near six-month peaks. The easing of tensions between the United States and Iran was cited as a primary reason for the drop. However, ongoing attacks on key producer Saudi Arabia continued to fuel investor caution regarding market stability. Fatih Birol of the International Energy Agency indicated that energy markets might not return to pre-Iran war levels by 2027.