Oil slips again as US, Iran sign peace deal

Brent crude fell 1.12% to $78.66 and WTI dropped 1.28% to $75.81 as oil markets priced in a faster-than-expected return of Iranian supply following a US-Iran memorandum of understanding. The 14-point deal begins a 60-day negotiation period and calls for full restoration of traffic through the Strait of Hormuz within 30 days. Separately, the IEA warned of a potential 5.05 million bpd supply glut in 2027, while the US Federal Reserve signalled a hawkish shift with 9 of 19 policymakers now expecting a rate hike this year.