Strait of Hormuz reopened faster than expected, sending oil forecasts tumbling. Morgan Stanley now sees dated Brent sliding from $90 to $75 in Q3, then to $70 by end-2026. The shift: peace talk optimism, rising U.S. output, and soft Chinese demand. Analyst Martijn Rats: "The market has come full circle—back to surplus" as focus turns to 2027. #oil #IranWar #hormuz