Brent oil falls to $86.5 per barrel

Oil prices fell on Monday after a strong rise last week, Report informs via Interfax.

The cost of June futures for Brent oil on the London ICE Futures exchange amounted to $86.52 per barrel, which is $0.77 (0.88%) lower than the previous close.

On Friday, these futures rose by $0.18 (0.2%) to $87.29 per barrel.

WTI futures for May in e-trading on the New York Mercantile Exchange (NYMEX) fell in price by $0.7 (0.84%) to $82.44 per barrel.

Based on the results of previous trading, the cost of these contracts increased by $0.41 (0.5%) to $83.14 per barrel.

The May WTI contract expires at the end of the session on Monday. More actively traded June futures fell $0.73 (0.89%) during trading to $81.49 per barrel.

Last week, the Brent contract with the nearest delivery date fell by 3.5%, and the WTI contract went down by 2.9%.

Traders continue to monitor the situation in the Middle East. Iran said Israel's strike on the country on Friday night did not cause casualties or serious damage.

Tehran does not intend to respond to Israeli drone launches in Isfahan province, the EFE news agency said, citing Army Commander-in-Chief Major General Abdolrahim Mousavi.

Meanwhile, the US House of Representatives approved new sanctions against Iran's oil sector. The sanctions are due to be considered by the Senate this week.