WTI, Brent fall after Iran says no escalation

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A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf.

Raheb Homavandi | Reuters

Crude oil futures edged lower on Monday after Iran said it would not escalate the conflict with Israel.

The West Texas Intermediate contract for May fell 29 cents to settle at $82.85 a barrel, while June Brent futures fell 29 cents to settle at $87 a barrel. U.S. crude oil and Brent fell 3% last week. The two benchmarks are up nearly 16% and 13% this year, respectively.



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