Oil Falls More Than 1 Percent as Concerns About Mideast Supply Ease

Oil Falls More Than 1 Percent as Concerns About Mideast Supply Ease
Maasvlakte Olie Terminal, which specialized in the storage and transhipment of crude mineral oil is seen at the Port of Rotterdam in Rotterdam, Netherlands, on Nov. 1, 2022. Piroschka van de Wouw/Reuters
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LONDON—Oil slipped more than 1 percent on Monday as concern eased about the Israel-Hamas war affecting supply from the region and as investors adopted caution ahead of this week’s U.S. Federal Reserve meeting and other indications of global economic health.

Crude had jumped 3 percent on Friday after Israel stepped up ground incursions into Gaza, stoking worries the conflict could expand in a region that accounts for a third of global oil output. However, that concern was fading on Monday, analysts said.