Doha: Oil prices fell by more than 5% on Sunday, pressured by easing geopolitical tensions that dampened market sentiment. Brent crude futures declined by $3.30, or 4.8%, to $66.02 per barrel, while US West Texas Intermediate (WTI) crude futures fell $3.23, or 5%, to $61.98 per barrel. Both benchmarks retreated sharply from multi-month highs, as concerns over potential supply disruptions eased amid signs of reduced geopolitical risk.

According to Qatar News Agency, the decline in oil prices was influenced by recent developments that alleviated fears of supply interruptions. The market had been previously driven by worries over geopolitical instability, which had pushed prices to recent highs. However, recent diplomatic efforts and negotiations have helped to ease tensions, leading to a more stable outlook for oil supply in the coming months.

The correction in oil prices reflects traders' reassessment of risk, as market participants adjusted their positions in response to the changing geopolitical landscape. The reduction in prices could have implications for global energy markets and economies, particularly for countries reliant on oil imports, as it may offer temporary relief from rising energy costs.