Doha: Oil prices dropped by more than 5% Wednesday amid expectations of a possible ceasefire that could ease supply disruptions in the Middle East, following reports of diplomatic efforts to end the conflict. Brent crude futures fell $6.21, or 5.9%, to $98.28 a barrel. Meanwhile, West Texas Intermediate (WTI) crude futures dropped $4.67, or 5.1%, to $87.68 a barrel.

According to Qatar News Agency, both benchmarks rose by about 5% on Tuesday before paring gains in volatile post-settlement trading. The fluctuations in oil prices reflect the market's sensitivity to ongoing geopolitical developments and the potential impact on global oil supply chains. The anticipated ceasefire has prompted traders to adjust their positions, contributing to the significant price drop observed.