Brent Oil Erases Wartime Gains as Hormuz Reopening Boosts Supply

Brent oil erased wartime gains as Strait of Hormuz flows resumed after US-Iran peace progress. Bloomberg's Rob Barnett discusses the oil market: oversupply mindset returning, inventory refill question, OPEC fracturing risk, and the lagged pass-through to gasoline prices. He expects gasoline to follow crude lower and warns OPEC's weakening discipline may produce oversupply next year. - Brent oil round-tripped its war premium after US-Iran deal and Hormuz reopening. - Market revisiting oversupply mindset, but depleted inventories could require restocking. - Rob Barnett expects US retail gasoline prices to decline soon, tracking crude with a 1-2 week lag. - Damage to Qatar LNG export facility may have more consequences for global LNG than oil. - Iranian output could rise later this year, adding to supply surplus. - OPEC coalition is fraying; Iraq could follow UAE in leaving, weakening cartel discipline. - Potential oversupply next year if OPEC cannot rein in production, bearish for oil. - Gasoline prices will eventually mirror crude's move, no fundamental disconnect.