The uncertainty over the U.K’s future has battered the British pound while the U.S. dollar rose sharply.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $47.38 a barrel at 3:34 a.m. GMT, down $2.64 or 5.2% in the Globex electronic session. August Brent crude on London’s ICE Futures exchange fell $2.64 or 5.2% to $4,822 a barrel.

The price is continuing to tumble further after the BBC called the vote just before 5am with only a few dozen left to come in. A BBC Headline said:

“The UK has voted by 52% to 48% to leave the European Union after 43 years in an historic referendum, a BBC forecast suggests.

“London and Scotland voted strongly to stay in the EU but the remain vote has been undermined by poor results in the north of England.

“Voters in Wales and the English shires have backed Brexit in large numbers.”

According to The Wall Street Journal Dollar Index, the greenback was last up 2.46% or $2.10 at 87.23. As oil is pegged to the dollar, traders with foreign currencies tend to hold back their buying when the dollar is strong.

Analysts said a “yes” decision for the U.K. to break away from the bloc won’t have direct impact on the oil markets, but market sentiment will deteriorate on fear of potential setbacks in the region’s financial markets.

“In the short term, you will see volatility in the market but I believe the bearish effect is only short term,” said one fuel-oil trader based in Singapore.

“Today’s volatility is mainly news-driven but for oil traders, we will still be looking at the fundamental side of the market, which is slowly improving,” he added.

Oil prices rose overnight as most market players positioned themselves for the “Remain” camp to win.

But with about 76% of the votes counted, the early result showed the “Leave” side was ahead by 51.8%. A conclusive outcome will be announced later on Friday.

“The price decline is mainly people taking profits after the recent gains. We believe the fall won’t be sustainable and prices will edge up later when the final results are in,” said Gordon Kwan, the regional head of oil and gas at Nomura, but he expects oil prices to drop by $5 a barrel if the U.K. decides to leave.

Apart from the Brexit, traders will also be closely monitoring the latest U.S. oil-rig count to be released later today for clues on the future of U.S. oil production. The number of active U.S. rigs digging for oil has increased for three straight weeks.

Nymex reformulated gasoline blendstock for July—the benchmark gasoline contract—fell 175 points to $1.5860 a gallon, while July diesel traded at $1.5065, 141 points lower.

ICE gasoil for July changed hands at $445.50 a metric ton, down $3.75 from Thursday’s settlement.