WTI futures traded around $73.94 per barrel, as of 9 a.m. ET. That’s an increase of 3.37% in the last 24 hours.

SINGAPORE: Oil prices fell on Monday, after posting their steepest weekly rise in more than a year last week, as oversupply concerns amid softer demand countered the worries over a wider Middle East conflict disrupting exports in the key oil-producing region.

Oil markets are on edge this week as traders try to anticipate impacts on oil supplies from a potential major retaliation on Iran by Israel.

As the conflict across the Middle East widens, rising oil prices are being closely watched. The cost of oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.