Pakistan, March 17 -- Global oil prices dropped sharply on Monday, easing from recent highs as some vessels resumed through the strategically vital Strait of Hormuz amid ongoing geopolitical tensions.

Brent crude futures fell by $2.93, or 2.8%, to settle at $100.21 per barrel, while U.S. West Texas Intermediate (WTI) declined by $5.21, or 5.3%, to $93.50. The decline comes after weeks of volatility triggered by the conflict involving the United States, Israel and Iran, which disrupted oil shipments through the narrow waterway.

The International Energy Agency signaled it could release additional oil from strategic reserves if needed, following last week's record coordinated release aimed at stabilizing markets. Analysts say the move has...