Oil tumbled by 1% on Monday, eliminating gains seen on Friday as cooled down tensions between Iran and Israel lessened worries of escalated disruptions in the Middle East and US inflation figures decreased the projections of soon interest rate cut.

Brent crude slumped by 1.09% to $88.52 per barrel, while WTI dipped by 0.99% at $83.02 per barrel.

Intensified attempts to initiate a truce between Israel and Hamas helped alleviate geopolitical tensions and triggered weak start to trading on Monday.

A spokesperson from the White House stated that Israel had agreed to give attention to U.S. worries regarding the humanitarian impacts of the possible intervention.

U.S. inflation advanced 2.7% in a year till March, figures on Friday indicated that inflation came beyond Fed’s target by 2%. A slower inflation would have soared the probability of rate trims, which would trigger economic growth and the demand on oil.

The robust greenback came on projections of extended period of hike rate. A solid US dollar drive oil to be pricier for those using currencies other than the US dollar.