NEW YORK (AP) — Oil prices are starting the week lower after analysts said that nations should have ample supplies despite Iranian threats to cut off exports from the Persian Gulf.
Benchmark crude on Monday fell by $1.02 to $100.54 per barrel in New York. Brent crude lost 42 cents at $112.64 per barrel in London.
Prices climbed last week on fears that Iran could try to close the strategic Strait of Hormuz in response to international sanctions.
Morgan Stanley analysts pointed out over the weekend that alternate pipelines and a resumption of Libyan oil exports would offset any supply losses. And Europe's soft economy will further depress the world's energy appetite this year.
In the U.S., gasoline prices were flat at a national average of $3.37 per gallon.