The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.

The run-up in crude futures paused on Monday, with prices falling more than 1% on signs that Iran wants to end hostilities with Israel and resume nuclear talks. U.S. crude oil lost $1.21, or 1.66%, to close at $71.