Oil Prices See-saw Amid Middle East Tensions

Oil prices soared to a five-month high before reversing on Monday as crude transit continued uninterrupted despite U.S. airstrikes on Iran over the weekend. Brent crude futures dipped by 22 cents to $76.79 a barrel, while U.S. West Texas Intermediate crude dropped by 29 cents to $73.55.

U.S. President Donald Trump announced that Iranian nuclear sites were hit over the weekend, coinciding with Israeli attacks, escalating Middle East tensions. Tehran pledged retaliation, calling Trump a "gambler". The Brent and WTI benchmarks hit highs of $81.40 and $78.40 but later fluctuated throughout the European trading session.

Concerns about the closure of the Strait of Hormuz, a crucial passage for global oil supply, have contributed to rising prices since June 13. Experts observe that prices could spike temporarily if the threat causes delays. Some vessels have altered their routes, highlighting ongoing fears of geopolitical risks impacting the market.

(With inputs from agencies.)