World oil prices retreated sharply on Monday after traders took profit at record prices.
New York's main contract, light sweet crude for delivery in August, fell 1.73 dollars to 75.30 dollars per barrel. It hit record 78.40 dollars per barrel Friday.
In London, Brent North Sea crude for September delivery fell 1. 66 dollar to 75.92 dollars per barrel, after striking record 78.18 dollars per barrel in early electronic trading.
Israeli Prime Minister Ehud Olmert vowed on Monday to continue a massive assault in Lebanon before Hezbollah returned two captive Israeli soldiers, stopped rocket attacks on Israel and pulled back from borders with Israel.