Crude oil prices extended their losses on Tuesday, tumbling by more than 5.5% after United States President Donald Trump stated that China can now continue to buy oil from Iran, following Tehran’s ceasefire agreement with Israel. Israel Defense Forces (IDF) Chief of Staff Eyal Zamir’s statement that his country is shifting its focus from Iran back to Gaza also reaffirmed investors’ belief in the new ceasefire deal. West Texas Intermediate (WTI) for August’s deliveries fell by 5.61% at 1:28 pm ET, going for $64.61 per barrel. Meanwhile, Brent for the same month’s settlements declined by 5.64% and went for $667.45 per barrel at 1:29 pm ET.