Brent futures were down 72 cents, or 0.83%, at $86.39 a barrel by 13:14 GMT.
U.S. West Texas Intermediate (WTI) crude futures for May were down 66 cents, or 0.8 percent, at $82.07 by 1314 GMT. The most active June contract fell 68 cents, or 0.83%, to $81.42.
Explosions were heard in the Iranian city of Isfahan on Friday in what sources described as an Israeli attack, but Tehran downplayed the incident and said it did not plan to retaliate.
“While the initial rally in oil may have underscored the initial fear of further escalation, we’ve seen both equities and crude reverse some of those preliminary moves,” said Joshua Mahony, chief market analyst at Scope Markets.
Investors were closely watching Israel’s response to Iran’s drone strikes on April 13, which in turn were in response to an alleged Israeli airstrike on April 1 that destroyed a building at the Iranian embassy in Damascus.
Meanwhile, US lawmakers added sanctions on Iran’s oil exports to a pending aid package for Ukraine that targets ships, ports or refineries that process Iranian crude and transactions by Chinese financial institutions involving oil purchases from Iran.
Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), according to Reuters data.
As oil’s risk premium has gradually eased, prices have fallen regarding 4% since Monday and are set for their biggest weekly loss since early February.
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