Brent Crude, WTI close down slightly

August contracts for West Texas Intermediate crude oil ended the floor trading session down 21 cents from Friday’s close at $140 per barrel, but only after rising to a new record of $143.67 per barrel earlier in the day.

Brent crude for August delivery dropped 13 cents to $140.18 per barrel after also setting a new record high price at $143.91 per barrel.

The early gains came on worries over a possible attack on Iran by Israel in an attempt to halt Iran’s nuclear program amid concerns that such an attack could interrupt oil supply from Iran and prompt the Iranians to try to block the Strait of Hormuz, which is on the supply route for around 40 percent of the world’s oil.

Declines came after the US Energy Information Administration issued revised numbers showing that oil demand in the US in April was down by 3.9 percent over the same time last year, causing renewed concerns that high prices will erode demand, especially since at-the-pump prices were lower in April than they are now.

At last report, Nymex August gasoline had dropped 2 cents to $3.50 per gallon while August heating oil was up 2 cents to $3.96 per gallon and August natural gas had gained 8 cents to $13.28 per million British thermal units.