Woofun AI reports that the US-Iran peace agreement has triggered a surge in crude oil supply, leading to broad-based price declines. Over 60 million barrels previously stranded due to conflict have entered the market following the mid-June memorandum to reopen the Strait of Hormuz. This influx contrasts sharply with conditions three months ago when benchmarks hit record highs and executives warned of critically low inventories. Major financial institutions including Morgan Stanley and Goldman Sachs have highlighted the risk of oversupply for the coming year. Kit Haines, head of oil research at Energy Aspects, stated that "the overwhelming sentiment in the market right now is bearish," reflecting the shift from scarcity concerns to surplus anxiety.