India, Oct. 26 -- Oil prices retreated on Monday after recording strong gains last week, with diplomatic efforts to ease the US-Iran conflict offering some relief to markets. However, continued attacks on Saudi Arabia and persistent risks to energy shipments through key waterways kept traders cautious about the outlook for crude supplies.

US West Texas Intermediate (WTI) crude futures fell $1.76, or 1.7%, to $101.51 a barrel by 0744 GMT. Brent crude futures declined $1.49, or 1.28%, to $115.23 a barrel.

The pullback followed a rally on Friday, when both benchmarks settled nearly $3 higher after Houthi attacks in Saudi Arabia heightened fears of further supply disruptions. Brent gained 6% over the week, while WTI rose 2.3%, bringing pric...