'Oil plunges 5% on US-Iran ceasefire hopes'

 Crude oil prices continued to plummet on Tuesday, 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.

https://breakingthenews.net/Article/Oil-plunges-5-on-US-Iran-ceasefire-hopes/66984315