Brent futures slipped below $114 a barrel on Monday, reversing some of the gains made in the previous session.
Lebanese private school teachers have joined their public sector colleagues on strike, causing further disruption to the country.
Iran is to reduce its dependence on oil income and boost non-oil exports in its budget to counter the "heavy" impact of sanctions, President Mahmoud Ahmadinejad said in a television interview late on Saturday.
The rate of decline in Egypt's foreign reserves could fall next month, Central Bank Governor Hisham Ramez was quoted as saying on Sunday.
Dubai stocks rallied to the highest level in more than three years as Emaar Properties' new hotel project fuelled calls that the revenue of the developer of the world's tallest skyscraper would grow this year.
Egypt's tourism minister is heading to Iran in a bid to urge more tourism between the countries.
Abu Dhabi-based hotel operator Rotana has signed a deal with Dap-Yapi to manage two of its hotels in Turkey as it looks to expand its footprint.
Emirates LNG has leased a plot of land on the east coast of the United Arab Emirates (UAE) and will start building an LNG import terminal there later this year, the company said in a statement on Sunday.