[U.S.-Iran Peace Agreement Releases Large Crude Oil Supply, Rekindling Global Oversupply Concerns] Odaily Planet Daily News: With the U.S. and Iran reaching a peace agreement that releases a large supply of crude oil, oil prices have plummeted across the board. The demand side is unable to absorb the surplus, and the market is once again discussing the issue of crude oil oversupply. This marks a stunning reversal—less than three months ago, the major global physical crude oil benchmark prices hit historic highs; and just a few weeks ago, senior industry executives were warning that global inventories had dropped to extremely low levels due to the Iran crisis. In addition to the immediate impact of reopening the strait, analysts from institutions such as Morgan Stanley and Goldman Sachs warned this week that the market faces the risk of oversupply next year. Kit Haines, Head of Oil Research at energy consultancy Energy Aspects, stated: 'The overwhelming sentiment in the market right now is bearish.' Even before the U.S.-Iran memorandum of understanding was signed in mid-June to reopen the Strait of Hormuz, suppliers within the Persian Gulf had already been ramping up shipments. Within weeks of the agreement being signed, more than 60 million barrels of crude oil, previously trapped due to the outbreak of war, flooded the market. (Jin10)