Brent crude futures briefly tagged $109.99 a barrel in overnight trading before retreating from five-month highs during the Asian session and into European trading, as signs of recovering Middle Eastern supply offset renewed attacks on energy infrastructure and critical maritime shipping lanes.
US Energy Secretary Chris Wright reinforced expectations of easing fuel prices at the pump, with ABC News quoting him on Sunday as saying gasoline and diesel prices had "peaked."
"Both gasoline and diesel prices peaked a few weeks ago," Wright said, adding that the US wants them to "pull back a lot more than they have."
He said he understands the mounting frustrations at the pump, which have soured consumer sentiment, but said the administration is "working in all different avenues" to address the problem.
The latest data from AAA show the national average for diesel prices at the pump on Sunday stood at around $6.319 a gallon, down from the previous record high of $6.50.
AAA pump data also show regular gasoline prices sliding from the $4.50 level to $4.295 by Sunday, still above the politically sensitive $4 level.
Wright said Gulf oil flows had recovered to about 80% of pre-conflict levels, although refined-product shipments remained heavily constrained amid a global refining crisis compounded by Ukraine's persistent attacks on Rus
