Why have oil prices suddenly dipped by 5%, days after hitting $100?

Crude oil prices suddenly fell by 5% to around $92/barrel, days after hitting the $100/barrel mark for the first time in two months. The dip came after Iran said it would suspend attacks in response to US' pause in hostilities. The prices had jumped after Yemen's Iran-backed Houthi rebels announced a naval blockade for Saudi Arabia in Bab al-Mandeb Strait.