Oil and gas prices rose after the U.S. struck Iran’s nuclear infrastructure over the weekend, but the gains moderated early in the European trading session.

Global equity markets advanced on Monday while oil prices settled sharply lower after hitting multi-month highs, as markets shrugged off the effects of the escalating Middle East conflict, with Iran firing retaliatory airstrikes against U.

U.S. oil prices retreated from weekly highs as markets assessed the potential for a reprieve in Middle East turmoil following a week of escalating tensions. The U.S. crude oil price benchmark, West Texas Intermediate,