US Iran reaches peace agreement, reigniting concerns over global oil supply surplus

The peace agreement reached between the United States and Iran has released a large amount of supply, and oil prices have fallen across the board. The market is concerned about an oversupply of crude oil. Morgan Stanley and Goldman Sachs analysts warn of the risk of oversupply in the market next year. Kit Haines, head of petroleum research at Energy Aspects, stated that market sentiment is bearish. Persian Gulf suppliers increased their shipments after the agreement was signed, with over 60 million barrels of crude oil entering the market.