Oil climbs 1% on U.S.-Iran deal uncertainty

Oil prices rose by about one percent following statements from U.S. President Trump regarding the potential resumption of war with Iran if he is not satisfied with the developments, despite the announcement of an agreement to end the war and reopen the Strait of Hormuz. Brent crude reached $79.55 per barrel, while West Texas Intermediate stood at $76.79, with expectations of a significant surplus in the oil market by 2027 due to an increase in production by eight million barrels per day.

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