New York, March 25 (QNA) - 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.

West Texas Intermediate (WTI) crude futures fell 2.44 percent to $90.10 a barrel.

The war halted oil and liquefied natural gas shipments through the Strait of Hormuz, which typically carries about a fifth of the world's crude oil and gas supplies.

This resulted in what the International Energy Agency (IEA) described as the largest disruption to oil supplies ever recorded, leading to a daily loss of approximately 20 million barrels of oil. After 25 days, this amounted to a loss of about 500 million barrels, equivalent to five full days of global supply.

The US Energy Information Administration reported that energy companies added 6.9 million barrels of crude oil to inventories in the week ending March 20. (QNA)