Oil prices drop as Mideast tensions ease and market caution persists

Oil prices fell over 1% as concerns about the impact of the Israel-Hamas conflict on oil supply eased. The market had rallied 3% on Friday due to fears that the conflict could expand and disrupt global oil output. However, analysts noted that the concern was fading as the conflict did not escalate further. Investors are now focusing on the upcoming U.S. Federal Reserve meeting and other indicators of global economic health.