Oil prices pull back after surging 6% last week

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Oil futures fell Monday, pulling back after a surge that saw both Brent and West Texas Intermediate crude end last week at their highs for February as Middle East tensions rose.

Price moves

Market drivers

Both Brent and WTI rose more than 6% last week, with gains tied to worries over the potential escalation of the Israel-Hamas war. But worries appeared to ease somewhat to begin the week, Ewa Manthey and Warren Patterson, commodities strategists at ING, said in a note.

Iran’s foreign minister over the weekend said Tehran had held talks with Saudi Arabia about a political solution to hostilities in Gaza, Reuters reported, and has exchanged messages with the U.S. throughout the four-month Israel-Hamas war.

Meanwhile, trading volumes were relatively subdued due to the Lunar New Year holidays, which have closed Chinese markets, the analysts said.

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