Doha: Oil prices fell by more than $2 a barrel Monday, following reports of international efforts to end the hostilities between Iran and Israel, easing concerns about disruption to crude supplies. Brent crude futures fell $2.65, or 2.7 percent, to $71.58 a barrel, and US West Texas Intermediate (WTI) crude futures fell $2.71, or 3.7 percent, to $70.27 a barrel.

According to Qatar News Agency, oil prices had risen more than seven percent on Friday as Israel launched its attack on Iranian territories. The sudden spike had been driven by fears of potential disruption in oil supply due to the conflict involving Iran, a significant oil producer.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently produces about 3.3 million barrels per day and exports more than two million barrels per day of oil and fuel. The recent developments in the Middle East had initially stirred concerns within the global oil market regarding supply stability.

The international community’s efforts to mediate in the conflict appear to have alleviated some immediate fears of supply disruption, leading to the drop in oil prices. The situation remains delicate, with market participants closely monitoring any further developments in the region.