Concerns were growing on Monday night over a summer of coordinated European fuel protests after tens of thousands of Spanish truckers blocked roads and the French border, sparking similar action in Portugal and France.
Oil prices dropped more than $1 on Monday after rocketing to record heights near $140 per barrel late last week, but some analysts warned of a bubble that could burst soon.
World crude prices are expected to reach per barrel by the end of summer, Iran’s representative to the Organisation of the Petroleum Exporting Countries (Opec) was quoted as saying on Sunday.
Group of Eight energy ministers on Sunday looked inward for solutions to oil’s unrelenting rally.
United States Energy Secretary Sam Bodman called on Saturday for more countries to scrap fuel price subsidies that stoke oil demand.