Oil slides after IEA warns of major supply glut in 2025 following U.S.-Iran ceasefire deal

The International Energy Agency said global oil supply is set to rebound to 110.3 million barrels per day in 2025 after the U.S. and Iran reached a ceasefire agreement, creating a significant surplus. Brent crude futures for August fell 1.13% to $78.65 a barrel, while WTI futures for July declined 1.26% to $75.82 per barrel. The IEA said this was its “first look at 2027 balances” and concluded that “a significant overhang” is set to emerge next year.