London: Oil prices fell by 7% today, Monday. Brent crude futures dropped by $7.24 to $96.30 per barrel by 18:43 GMT, while US West Texas Intermediate crude fell by $6.30, or 6.5%, to $90.88 per barrel. Trading volumes were light due to the US Memorial Day holiday. According to Emirates News Agency, the significant decline in oil prices is attributed to the low trading volumes observed during the US holiday, which often leads to reduced market activity. The drop in crude prices highlights the market's sensitivity to trading volumes and external factors such as public holidays. The decrease in oil prices also reflects ongoing uncertainties in the global oil market, influenced by geopolitical tensions and economic factors. Analysts will be closely monitoring the situation to assess the potential impact on future oil prices and market stability.