The run-up in crude oil futures paused on Monday even after Israel struck two natural gas facilities in Iran over the weekend, raising fears that the war will expand to energy infrastructure and disrupt supplies in the region.

Oil prices surged as Iran and Israel exchanged strikes on key energy infrastructure this weekend, raising fears of broader disruption.

Oil prices slipped $1 per barrel on Monday in volatile trading after reports that Iran is seeking an end to hostilities with Israel, raising the possibility of a truce and easing fears of a disruption to crude supplies from the region.