Oil prices have reportedly fallen on Monday following Iran’s retaliation attack on Israel over the weekend. Brent crude, which is a key benchmark for oil prices internationally, was lower but still trading close to $90 a barrel on Monday morning. Prices had already risen in expectation of action by Iran, with Brent crude nearing a six-month high last week. Fluctuations in oil prices can cause ripple effects worldwide due to countries heavily relying on the commodity to produce fuels such as petrol and diesel. Fuel and energy prices have significantly contributed to the higher cost of living globally in recent years. When Russia invaded Ukraine in 2022, oil prices soared to $120 a barrel over supply fears as western nations-imposed sanctions on Russia, a major oil exporter globally. This increase led to higher prices at petrol pumps and other goods as businesses adjusted their prices to cover higher costs. Analysts noted that Israel’s reaction to the attack would be crucial for global markets in the coming days and weeks.