Crude oil prices slipped further in early trading on Thursday after the US and Iran signed a Memorandum of Understanding (MoU) to end the war in the Middle East. Brent crude futures fell 1.12% to $78.66/barrel, while US West Texas Intermediate (WTI) crude dropped 1.28% to $75.81/barrel. Iran will reopen the Strait of Hormuz "instantly", Pakistan PM Shehbaz Sharif said.