Oil prices fell about 1% on Monday as crude demand concerns resurfaced and the possibility of an imminent conflict between the United States and Iran began to fade.
Benchmark Brent crude was down 89 cents, or 1.4%, to $64.31 a barrel at 11:29 a.m. EDT (1529 GMT), while U.S. crude shed 44 cents, or 0.8%, to $56.99 a barrel.
Last week, Brent climbed 5% and U.S. crude surged 10% after Iran shot down a U.S. drone on Thursday in the Gulf. This added to tensions stoked by attacks on oil tankers in the area in May and June that Washington has blamed on Iran.
Iran denies any role in the tanker attacks.
U.S. President Donald Trump said he called off a retaliatory attack on Iran at the last minute after the drone was downed, but Washington has said it will still step up sanctions on Tehran.
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