At $71.93, the price of a barrel of Brent crude, the benchmark oil, is below $72 for the first time since the beginning of the month.
In around ten days, the price of filling up a tank with gasoline or diesel should be influenced by the price of oil.
It occurs at a time when there seemed to be less danger of the Middle East conflict getting worse.
In a speech on Saturday, Iranian leader Ayatollah Ali Khamenei refrained from outright threatening Israel, despite the fact that Iran and Israel have been exchanging missile strikes.
Israeli bombings on Iran over the weekend helped reassure oil companies by avoiding key facilities.
After Israel killed leaders of Iran-backed Hamas and Hezbollah, there have been numerous reprisal attacks.
Israel acknowledged one of the assaults, but denied that the Hamas leader who was in Tehran, Iran, was killed.
Since then, the nations have been exchanging gunfire, raising concerns that the conflict may extend outside of Gaza and Lebanon.
A barrel of Brent crude touched a recent high of $81 following Iran’s initial attack on Israel in early October.
