Oil prices fall to below $80 as Trump signs US-Iran interim peace deal to end Middle East war

World facing a glut of oil after Iran peace deal

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.

While details remain scarce, President Donald Trump has said that the two sides already signed a memorandum of understanding ahead of an official ceremony in Switzerland on Friday.

Brent futures dropped more than a third from recent peaks, reflecting expectations of resumed Iranian exports that could ease supply concerns and moderate inflationary pressures.