New York, April 30 (QNA) - Oil prices fell at settlement on Thursday after earlier surging to multi-year highs amid concerns over potential supply disruptions in the Middle East.

Futures for Brent crude dropped by $4.02, or 3.41%, to settle at $114.01 a barrel.

Meanwhile, West Texas Intermediate crude futures declined by $1.81, or 1.69%, to close at $105.07 a barrel.

Earlier in the session, prices had climbed sharply, with Brent rising by more than $8 to reach $126.09 a barrel – its highest level since March 2022 – following reports that heightened fears of further supply disruptions in the Middle East.

The gains came after Brent had already posted a 6.1% increase in the previous session. (QNA)