World oil supply will rise more rapidly than previously expected this year as Saudi Arabia and other OPEC+ members unwind output cuts, the International Energy Agency (IEA) said on Thursday, despite a lower forecast from U.

The prospect of a deal over Iran’s nuclear program saw oil fall sharply on Thursday. The reality is that Tehran has relatively little extra crude that it can bring back — but it could arrive in a market that’s gearing up for surplus.

President Trump indicated the U.S. was close to a deal in which Iran agrees to forgo nuclear weapons, sparking a selloff in oil prices. "You probably read today the story about Iran has sort of agreed to the terms,