Global oil markets showed signs of stabilizing after a sharp price spike triggered by the ongoing conflict involving Iran.

Prices briefly surged above $100 per barrel on Monday before falling back as concerns about major supply disruptions began to ease.

Before the fighting began, crude oil had been trading between $60 and $70 per barrel. Once the conflict escalated, prices quickly jumped, with crude futures rising to about $115 per barrel on Monday.

That level marked the highest price since the start of the Russian invasion of Ukraine, when energy markets experienced similar turmoil.

However, the spike did not last long. By Tuesday afternoon, crude prices had dropped again.

Global benchmark Brent crude fell roughly 8%, while US benchmark West Texas Intermediate crude oil declined nearly 9%, Fox Business........

© International Business Times