India, Feb. 12 -- Oil prices slipped into the red on Monday after climbing 6 percent last week.
Benchmark Brent crude futures slid 0.4 percent to $81.84 a barrel, while WTI crude futures were down 0.4 percent at $76.55.
Concerns about supply disruptions eased somewhat after Israel said it had "concluded" a series of strikes on southern Gaza, without providing further details.
Surprisingly, the development comes a few days after Israel's rejection of a ceasefire offer by Hamas.
Elsewhere, Iranian Foreign Minister Hossein Amir-Abdollahian said on Saturday that his country did not want to see an expansion of the war in the region.
"Iran and Lebanon confirm that the war is not the solution, and we never want to expand the scope of the war,...