Oil gains nearly 1% as Trump says Iran ceasefire memo not final; IEA flags 2027 supply glut

Oil prices rose after US President Donald Trump said a memorandum of understanding on a ceasefire with Iran was not final and that bombing could resume if Iran did not “behave.” The IEA warned that the market could face an 8 million barrels per day supply overhang in 2027, even as near-term geopolitical tensions supported prices. Brent settled up 0.75% at US$79.55 a barrel and WTI added 0.97% to US$76.79, according to Reuters.