North Sea oil (Brent) costs around $88 per barrel shortly after 3 p.m., up 0.1 percent compared with Friday's close.
In early morning trading, Brent cost a maximum of $91.40 per barrel.
After this peak, prices came under heavy downward pressure, falling to $86.40 per barrel, after Iran's Foreign Ministry said that Iran had received a proposal from mediators regarding the war with the United States.
The weekend was marked by new US bombing raids on Iran for the ninth day in a row and Iranian attacks on ships in the Strait of Hormuz and an oil facility in Kuwait. The attacks come after the ceasefire was declared broken by both sides.
