Oil barely moved on Monday as spiking worries about demand on a global level driving the market to pause following a roughly 6% price increase last week due to concerns that supply disruptions could be brought on by Middle East turmoil.

Brent crude slumped by 0.3%, to $81.93 per barrel, while US WTI steadied at $76.84 per barrel.

The main drivers of previous week's surge highlighted ongoing dangers to Red Sea shipping.

Monday saw more logistical hiccups in the Red Sea when the Houthis in Yemen, who are backed by Iran, claimed to have targeted an American cargo ship.

The energy shift, according to Saudi Arabia's energy minister, is the reason for the country's recent decision to cease efforts to expand its oil production. The minister also stated that the kingdom has an ample amount of spare capacity to stabilize the oil market.