The price of Brent crude spiked on Friday over concerns about the ongoing insurgency in Iraq.
Oil prices settled down, but at $4 per barrel higher than at the beginning of the week.
Reassurances about the flow of oil supplies went some way to calming market jitters.
Brent crude futures stabilised at $112.32 per barrel, while US crude levelled to $106.55, after the highest reading for both since September.
Insurgents have taken over two Iraqi cities, prompting the US to say it was considering “all options” to help Iraq.
Iraq is the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) group.
