Oil prices continued their decline from a seven-month low as a broader selloff in financial markets outweighed concerns about rising tensions in the Middle East. Traders are monitoring the potential for a retaliatory strike on Israel by Iran.
Brent crude futures fell toward $76 per barrel, erasing gains made earlier in the year, following their lowest close since early January on Friday. West Texas Intermediate (WTI) crude also dropped below $73 per barrel.
The downturn in oil prices comes amid a global equities rout, which has overshadowed the impact of geopolitical risks in the region.
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