US and Brent crude prices jumped on fears of supply disruption from the Middle East as Iran has repeatedly threatened to close a key shipping route.

Oil prices fell $1 per barrel on Monday in volatile trading after reports that Iran is seeking an end to hostilities with Israel, raising the possibility of a truce and easing fears of a disruption to crude supplies from the region.

Oil prices surged as Iran and Israel exchanged strikes on key energy infrastructure this weekend, raising fears of broader disruption.