Oil prices climb as Trump raises prospect of renewed Iran strikes; IEA flags 2027 supply glut

Trump said a U.S.-Iran memorandum of understanding has not been finalized and warned bombing could resume, lifting geopolitical risk. The IEA cautioned the oil market could face a significant supply overhang in 2027. Brent rose 0.7% to $79.50 a barrel and WTI gained 0.6% to $76.54, both rebounding from March lows. U.S. crude inventories fell by 8.3 million barrels, according to API data.