Oil prices fell by more than 1% on Monday, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities following Israel's apparently small strike on Iran. The front-month U.S. West Texas Intermediate (WTI) crude contract for May, which expires on Monday, fell 97 cents, or 1.2%, to $82.17 a barrel, while the more active June contract dropped $1.23 to $80.99 a barrel. "Brent crude prices failed to retain their initial surge, with broad expectations that geopolitical tensions between Israel and Iran may fizzle off given Iran's tamed response," said Yeap Jun Rong, market strategist at IG.