Shortly after opening, the price of North Sea oil (Brent) futures fell to $109.12 per barrel. US WTI fell to $101.21 per barrel.
Last week, oil prices rose. At Friday’s close, Brent was at $109.86 and WTI at $101.41.
This weekend, no fighting has been reported between Iran on the one hand and the US and Israel on the other.
But the Iran-backed Houthi movement in Yemen has launched new attacks on Saudi Arabia's oil industry. In addition, Ukraine has carried out attacks on oil and gas facilities in Russia as part of its defensive war against the Kremlin.
Before the US and Israel launched the war against Iran on February 28, oil cost around $70.