Oil prices in Sunday evening trading saw a sudden drop of about six percent. West Texas Intermediate (WTI) crude oil fell 5.65% to $84.26 per barrel, and Brent oil declined 5.99% to $90.98 per barrel.

In recent days, the oil market had factored in the “war risk” into prices. However, after news reports that U.S. attacks were paused on Saturday and Sunday to create an opportunity to advance diplomacy, oil market traders removed some of this “risk” from oil prices.

For this reason, Brent and West Texas Intermediate oil suddenly fell by about six percent. All of this is happening while the U.S. maritime blockade remains in place, and, according to experts, if attacks are resumed or tensions are intensified, this price drop could be “temporary.”