SINGAPORE, July 27 (Reuters) - Oil prices extended losses on Monday, falling more than 5%, after U.S. President Donald Trump paused strikes on Iran after two weeks of attacks, raising hopes of a diplomatic solution that may de-escalate the conflict in the Middle East.

Brent crude futures slipped $5.58, or 5.77%, to $91.20 by 2204 GMT while U.S. West Texas Intermediate crude was at $84.40 a barrel, down $4.91, or 5.50%.

(Reporting by Florence Tan; Editing by Chris Reese)