Oil Retreats 4% as Iran-Israel Strikes Avoid Major Supply Disruption

Oil prices dropped nearly 4% on Monday, erasing much of last week's conflict-driven gains, as traders reacted to signs of easing tensions between Israel and Iran. The reversal came sharply after a Wall Street Journal report indicated that Iran is urgently signaling its desire to halt hostilities and resume negotiations over its nuclear program. Brent crude fell approximately 3.65% to trade near $75.50 per barrel, while U.S. West Texas Intermediate (WTI) slipped about 3.71% to around $70.27 during intraday trading.  The sharp retreat comes…