Global crude oil prices fell by between 2 and 3 percent in international trading, extending a broader pullback after recent sharp gains pushed energy markets to multi-year highs.

US benchmark West Texas Intermediate (WTI) declined 2.98 percent to $101.94 per barrel. Meanwhile, Brent crude, the international benchmark, fell 2.02 percent and was trading at $108.17 per barrel.

The latest decline comes after a sharp drop recorded in the previous trading session. On that day, Brent crude had slipped from around $124 per barrel to nearly $114 per barrel. At the same time, WTI fell from about $110 to nearly $104 per barrel.

Market analysts said the recent decline points to a cooling phase after crude prices had surged to their highest levels in nearly four years. They noted that global markets had been reacting strongly to supply concerns, geopolitical uncertainty and fears of tighter energy availability.

The latest price movement suggests that traders are reassessing short-term demand and supply expectations. While the fall does not erase recent volatility, it indicates some easing of pressure that had driven prices sharply higher in recent weeks.

Oil prices remain closely watched because of their direct impact on fuel costs, transport expenses and inflation around the world. Any sustained drop in crude prices could offer relief to importing countries already facing rising energy bills.

Despite the recent decline, analysts caution that global energy markets remain sensitive to political developments, production changes and shifts in economic outlook, meaning price volatility may continue in the coming days.