Key Takeaways Brent fell below $80 on June 16 as the U.S.-Iran MoU lifted Hormuz reopening hopes. WTI dropped 4% to $77.43, but IEA damage data point to tight Gulf supply. Bull Theory sees a 30-day Hormuz restart, with inflation risk over 12 to 24 months. Severe Infrastructure Damage Hinders Recovery Oil price declines continued Tuesday, with Brent crude briefly dropping below $80 a barrel—hitting a two-month low—as enthusiasm grows over a memorandum of understanding (MoU) between the U.S. and Iran. Market data showed the global benchmark fell to an intraday low of $79.63 a barrel before rising back above …