Global crude oil prices registered a steep decline today following a ceasefire between the United States and Iran, which includes a commitment to restore navigation through the Strait of Hormuz. Brent crude was trading almost 15.1 per cent down at 92 US dollars and 79 cents per barrel, while West Texas Intermediate crude was trading over 17 per cent lower at 93 US dollars and 70 cents per barrel, when reports last came in.