Oil prices dropped sharply on Sunday as global markets reacted to changing conditions.
Brent crude settled at around $90.38 per barrel, down more than 9%. US West Texas Intermediate also fell heavily, dropping about 11.45% to $83.85 per barrel.
The sudden decline is mainly linked to easing fears about energy supply. With signs of calm returning to key shipping routes, concerns about major disruptions have started to fade.
As a result, many investors moved to sell, which quickly pushed prices lower and wiped out recent gains.
In simple terms, the market is shifting from panic to caution—at least for now—as tensions appear to cool.