Dubai: Oil prices fell by more than 2 percent at settlement Wednesday, recovering some of the heavy losses incurred earlier in the session, amid expectations of a possible ceasefire that could ease supply disruptions in the Middle East. Brent crude futures fell 2.37 percent to $102.01 a barrel, while West Texas Intermediate (WTI) crude futures dropped 2.44 percent to $90.10 a barrel. According to Qatar News Agency, the ongoing war had previously halted oil and liquefied natural gas shipments through the Strait of Hormuz, a key channel that typically carries about a fifth of the world's crude oil and gas supplies. This disruption resulted in what the International Energy Agency (IEA) called the largest interruption to oil supplies ever recorded, leading to a daily loss of approximately 20 million barrels of oil. Over 25 days, this translated into a loss of about 500 million barrels, equivalent to five full days of global supply. Moreover, the US Energy Information Administration reported that energy companie s added 6.9 million barrels of crude oil to inventories in the week ending March 20, providing some cushion to the supply chain. The potential ceasefire offers hope for further stabilization in oil markets as stakeholders anticipate the resumption of regular shipments through one of the world's most vital maritime routes.