WASHINGTON (dpa-AFX) - Oil prices were little changed on Monday, giving up sharp early gains as investors waited for Iran's response to the U.S. military's strike on three Iranian sites over the weekend.
Bent crude futures were virtually unchanged at $75.55 a barrel in European trade while WTI crude futures were up 0.1 percent at $73.89.
Both Brent and WTI contracts jumped more than four percent to hit their highest price since January earlier in the session.
There was much uncertainty about what remains of Tehran's nuclear program. Analysts said that Iran may be reluctant to close down the Strait of Hormuz because it uses the strait to transport its own crude, mostly to China.
Iran is the world's ninth-biggest oil-producing country, with output of about 3.3 million barrels per day. It exports just under half of that amount and keeps the rest for domestic consumption.
Meanwhile, Israeli officials have signaled that the country is prepared to halt its military campaign against Iran if Supreme Leader Ayatollah Ali Khamenei ceases hostilities and seeks a resolution to the conflict.
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