Crude oil levels fell more than $3 a barrel at the opening of trading this week after Israel's retaliatory strike on Iran over the weekend without targeting oil and nuclear facilities eased tensions in the Middle East.
However, both West Texas Intermediate (WTI) and Brent crude oil futures hit record lows at $68.41 and $72.59, respectively.
The benchmark gained 4% over the past week amid volatile markets following Israel's counter-attack on Iranian missiles and the US election.
Dozens of Israeli jets completed three waves of strikes before dawn on Saturday against a missile factory and other sites near Tehran in the latest exchange of views over the escalating conflict between the Middle East rivals.
Serious geopolitical risks have supported oil prices to be in a dangerous position due to potential strikes and attacks on oil infrastructure that have seen expectations of a drop in oil prices per barrel.
Markets will be watching closely for confirmation that Iran will not retaliate in the coming weeks which could see the risk premium rise again.
