US West Texas Intermediate and international benchmark Brent crude futures are flat on Monday after recovering from weakness in early session. Gains are likely to be capped by the threat of rate hikes from major central banks and signs of strong Russian exports.

But losses will be limited by rising tensions in the Middle East over a drone strike in Iran and hopes of higher demand from China amid the lifting of COVID-19 restrictions.

At 11:26 GMT, March WTI Crude Oil Futures trading at $79.51, down…