Oil falls as International Energy Agency forecasts supply glut next year after U.S.-Iran deal

Trump also reportedly said that he could resume attack on Iran if it failed to honor commitments. International Energy Agency expects a lasting resolution to the conflict could drive a surge in supply volumes and trigger a major oil overhang next year. Oil prices declined Thursday after President Donald Trump reportedly signed ​a deal ​with his Iranian counterpart Masoud Pezeshkian to end the ​war in the Middle East, while the International Energy Agency flagged a supply glut next year. International benchmark Brent crude futures for August dropped 1.86% to $78.07 a barrel. U.S. West Texas Intermediate futures for July fell 2.24% to $75.07 per barrel. Clouding the situation, Trump also told reporters that he could resume attacks on Iran if Tehran failed to honor its commitments, "We're going to bomb the hell out of them if they violate the agreement," Trump repor...