Oil prices fell to $91 per barrel

Oil prices fell on Monday amid diplomatic efforts to contain the conflict in the Middle East and prevent it from spreading more widely in the oil-rich region.

According to Reuters, Brent crude futures fell by more than a dollar to $91.14 per barrel, and US West Texas Intermediate crude futures fell by more than a dollar to trade at $87.03 per barrel by 2:13 GMT.

Last week, contracts rose by more than 1% in their second weekly jump in a row, amid fears of a possible supply disruption if the war between Israel and Hamas develops into a broader confrontation in the Middle East, the largest oil supply region in the world.

To relieve pressure on already scarce supplies due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, the United States suspended sanctions on OPEC member Venezuela after the Venezuelan government reached an agreement with the opposition.