The truce ensured oil prices dipped on Sunday as trade in Asia opened after supply issues had been somewhat alleviated. Brent crude oil fell by around one percent to $103.38 per barrel.

West Texas Intermediate (WTI) features also dropped.

However, WTI fell by a slightly lower margin as it dropped by 0.9 percent to $98.43 per barrel.

The news comes after early losses last week saw prices settle around 13 percent down from the week before.

This was the biggest weekly fall in two years and follows US President Joe Biden announcing the largest-ever release in US oil reserves.

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Speaking about his decision, Mr Biden said: "I’m open to ideas and to strengthen the plan, but I will not be put off and put it on hold.

"I will do everything at my disposal to protect you from [Russian president Vladimir'] Putin’s price hike.

"It’s not time for politics. Americans can’t afford that right now."

The UAE has welcomed the more recent announcement that a United Nations-brokered truce with Yemen had been concluded on Saturday.

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Vladimir Putin's invasion of Ukraine has also been a major cause of concern for the oil market, particularly in Europe.

However, the Russian state-owned Gazprom company said on Sunday it would continue to supply natural gas to the continent via Ukraine despite fraught tensions following the Kremlin's onslaught against the ex-Soviet state.

Gazprom also claimed requests stood at 108.4million cubic metres yesterday, which means they almost remain in line with the volumes from the previous day.