Crude oil prices fell sharply on Friday, dropping more than 4 percent following the announcement of a ceasefire in Gaza, which eased concerns over supply disruptions in the Middle East.

According to market data, Brent crude fell 3.82 percent to $62.73 a barrel, while U.S. West Texas Intermediate (WTI) declined 4.24 percent to $58.90 a barrel after the close of Asian trading.

On a weekly basis, crude oil prices recorded a decline of more than $4, marking one of the steepest drops in recent months.

Gaza Ceasefire Calms Market Tensions

Reports from Reuters and Bloomberg attributed the fall to renewed optimism following the ceasefire agreement between Israel and Hamas, part of the first phase of U.S. President Donald Trump’s Gaza peace plan, which has reduced fears of a prolonged regional conflict that could threaten global energy supplies.

Kurdistan Region Resumes Oil Exports

After a halt of more than 30 months, the Kurdistan Regional Government (KRG) has started exporting crude oil to Iraq's state-run Oil Marketing Company (SOMO).

Over the course of 14 days, 2.73 million barrels of oil, or 195,000 barrels per day on average—were supplied, according to KRG officials. The entire value of exports from the Kurdistan Region comes to about $168.8 million at an estimated price of $60 per barrel.