Oil Prices Drop as IEA Forecasts Supply Glut After U.S.-Iran Deal

AI Summary

Oil prices decreased on Thursday following President Trump's reported deal with Iran. Brent crude futures for August fell 1.13% to $78.65 per barrel, while U.S. West Texas Intermediate futures for July dropped 1.26% to $75.82 per barrel. The International Energy Agency (IEA) projects a significant supply glut next year, predicting global output recovery to 110.3 mb/d. This scenario may lower energy prices but raises concerns about replenishing inventories and strategic reserves, affecting market dynamics.