A renewed bout of oil volatility sent stocks lower, with concerns about an escalation in Middle East hostilities outweighing attempts to bring about a pause in the war.

Oil futures pulled back from the overnight highs reached on the military escalation in the Middle East as Iran said it has received proposals from mediators for a return to negotiations.

Crude oil prices were little changed Monday, but don't be fooled. Crude futures have whipsawed on a variety on Iran-related headlines.

Oil prices briefly jumped above $90 a barrel after renewed disruption to shipping through the Strait of Hormuz, but later pared gains after Iran's Foreign Ministry said mediators had recently presented proposals to Tehran,

Ryanair's profit slumped by a third on higher fuel costs and weaker fares in the three months to the end of June, the airline said on Monday, while summer fares looked set to fall amid consumer nervousness around the Iran war and broader economy.

Shares in Ryanair slid after the budget carrier posted a drop in fiscal first-quarter profit, hit by lower fares and fuel-cost headwinds stemming from the conflict in the Middle East. In European morning trade,

Ryanair said it had to cut fares due to customer hesitancy around air travel due to the Middle East conflict Ryanair's profits have fallen sharply as war in the Middle East sent jet fuel prices soaring and customers reluctant to book flights.

Ryanair’s profits have fallen by more than a third after the war in the Middle East hit consumer confidence, forcing the airline to keep fares lower even as soaring jet fuel prices pushed costs higher.

The consumer-price index fell 0.4% in June, representing the steepest decline in 18 months and cooling the annual rate 0.4 percentage point to 2.8%, Statistics Canada said.

Canada’s inflation rate slowed by more than expected last month as gasoline prices eased and a key measure of core inflation dropped below 2% for the first time in nearly six years.

Prices at the pump increased at a slower rate on a year-over-year basis in June compared to May, the data showed.

Canada’s inflation rate slowed to 2.8 per cent in June as falling gasoline prices gave consumers a break at the pumps.