Crude oil prices continued to slide, dropping more than 5% in post-settlement trading, following a report that the United States and Iran could announce a ceasefire extension soon. According to the report, the parties agreed on the free navigation through the Strait of Hormuz and the resumption of negotiations and technical-level meetings. West Texas Intermediate (WTI) for deliveries in October dipped 5.45% to sell for $80.30 per barrel at 4:21 pm ET. At the same time, Brent for the same month’s settlements plunged 6.23%, going for $86.27 per barrel.