Crude oil prices began the week in decline as continued diplomatic talks between Israel and Hamas gave traders hope that the conflict in Gaza might not escalate into a full-scale regional war. Brent crude fell over $1 per barrel, and West Texas Intermediate shed over $1.70 per barrel earlier in the session on expectations that de-escalation efforts could contain risks of further escalation in the near term. Oil prices remain volatile as the situation in the Middle East could still prompt a surge of over $10 per barrel if conflicts expand, according to analysts.