Oil prices fell on Monday, after posting their steepest weekly rise in more than a year last week, as oversupply concerns amid softer demand countered the worries over a wider Middle East conflict disrupting exports in the key oil-producing region.

Oil rose above $80 Monday on Middle East tensions while equities slid in New York as political and interest rate concerns dented the recent rally.

Canadian Natural Resources Ltd.’s $6.5 billion acquisition from Chevron Corp. marks the latest in a string of deals that has helped make it the country’s largest oil producer and brought Alberta’s massive oil sands deposits almost entirely under local control.

Chevron’s Canada unit plans to sell its stakes in oil sands and shale assets to Canadian Natural Resources for $6.5 billion as part of efforts to achieve divesting goal by 2028.

Ukraine’s military said it struck a major oil terminal Monday in Crimea that provides fuel for Russia’s war effort as Ukrainian President Volodymyr Zelenskyy said the war has entered a key phase. Both sides are facing the issue of how to sustain their costly war of attrition — a conflict that started with Russia’s full-scale invasion of Ukraine in February 2022 and that shows no signs of a resolution.

The Ukrainian military hit the largest oil depot in Russian-occupied Crimea early Monday, causing a large fire at the facility.

Ukrainian forces launched a missile attack on an oil terminal in Russian-occupied Crimea overnight, the military said.