WASHINGTON (dpa-AFX) - Oil prices fell slightly on Monday but held near two-week highs after gaining around 6 percent last week as heightened tensions between western powers and major oil producers Russia and Iran raised risks of supply disruption.
Benchmark Brent crude futures dipped 0.4 percent to $74.34 in European trade, while WTI crude futures were down half a percent at $70.91.
Russian forces have launched a large-scale assault on Ukraine's airfields and strategic sites, which resulted in the destruction of several Ukrainian aircraft and military equipment, according to the Russian Ministry of Defence.
This marks a significant escalation in the ongoing conflict between Russia and Ukraine.
Meanwhile, Ukrainian drone strikes in central Russia's Kaluga region sparked a fire at an industrial site, with Ukrainian sources claiming the targets included a defense plant and an oil depot.
Traders were also reacting to reports of U.S.- brokered negotiations over a ceasefire between Israel and Hezbollah as fierce fighting continues for control of southern Lebanon.
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