Global oil prices dropped sharply on Monday, with benchmark crude futures falling nearly 7% amid light trading activity due to the US Memorial Day holiday.
Brent Crude futures declined by $7.24 to settle at $96.30 per barrel by 18:43 GMT.
Meanwhile, West Texas Intermediate crude fell by $6.30, or 6.5%, to $90.88 per barrel.
Market analysts said trading volumes remained relatively thin as US markets observed the Memorial Day holiday, limiting broader market participation.
The sharp decline in crude prices comes amid continued volatility in global energy markets, driven by shifting demand expectations, geopolitical developments, and concerns over global economic growth.
