The office of French President Emmanuel Macron said in a statement on Monday he had pitched to both leaders a summit over "security and strategic stability in Europe." The White House said Biden had accepted the meeting.
Brent crude futures fell 73 cents or 0.8% to $92.81 at 0224 GMT after having jumped more $1 than to $95.00 in early trade, its highest level since Wednesday.
U.S. West Texas Intermediate (WTI) crude futures similarly fell 52 cents or 0.6% to $90.55 a barrel after having hit a high of $92.93.
A senior European Union official said on Friday a deal to revive Iran's 2015 nuclear agreement was "very very close".
Analysts said the market remained tight, and any addition of oil would help, but prices would remain volatile in the near term as Iranian crude would only likely return later this year.
"There's just so many pressures geopolitically it's difficult to know what the answer is (on market movements) - with Ukraine and Iran," said National Australia Bank commodity analyst Baden Moore.
