Doha: Oil prices fell Wednesday following reports of a US proposal to end the war between Russia and Ukraine. Oil prices experienced a significant drop, with Brent crude futures decreasing by $1.81, or 2.8 percent, to settle at $63.08 a barrel. This decline came after an increase of 1.1 percent in the previous session.

According to Qatar News Agency, US West Texas Intermediate crude futures also saw a decline, dropping by $1.74, or 2.86 percent, to reach $59 a barrel. This fall followed a rise of 1.4 percent last Tuesday. The market's reaction is attributed to the potential resolution of geopolitical tensions through the US proposal, which could influence global oil supply dynamics.