TOKYO, Mar 25: 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.
Both benchmarks rose by about 5% on Tuesday before paring gains in volatile post-settlement trading.
