Manama: Oil prices fell at settlement on Thursday after earlier surging to multi-year highs amid concerns over potential supply disruptions in the Middle East. Futures for Brent crude dropped by $4.02, or 3.41%, to settle at $114.01 a barrel. Meanwhile, West Texas Intermediate crude futures declined by $1.81, or 1.69%, to close at $105.07 a barrel.

According to Qatar News Agency, earlier in the session, prices had climbed sharply, with Brent rising by more than $8 to reach $126.09 a barrel, marking its highest level since March 2022. This increase came on the heels of reports that heightened fears of further supply disruptions in the Middle East. The gains followed a 6.1% increase in Brent crude prices in the previous session.