With oil prices plunging after the announcement of a U.S.-Iran ceasefire agreement and plans to reopen the Strait of Hormuz, traders are asking: Is the geopolitical risk premium gone, or is the market setting up for another shock?

Tonight at 7pm ET, veteran commodities strategist Jeff Currie and energy economist Anas Alhajji join host Erik Townsend to debate where oil heads next.

The tentative agreement sent crude sharply lower as investors price in the return of halted supply and reduced odds of a prolonged Middle East conflict. Though a deal is still anywhere from solidified, as tonight’s host just pointed out…

Currie, formerly Carlyle and Goldman, has long argued that structural underinvestment, declining spare capacity, and growing demand leave the global oil market far more vulnerable than most investors appreciate, even if Hormuz were to open today (opening is scheduled for Friday). The underlying supply picture remains tight, and today's relief rally in financial markets may prove temporary. Oil prices have already fallen from war-driven highs near $120 per barrel to cracking below $80 this morning, following the truce announcement.

Alhajji, meanwhile, frequently challenges conventional supply-shortage narratives, emphasizing the industry's ability to respond to higher prices and warned against “permabulls” extrapolating geopolitical disruptions into permanent structural deficits. With the market now shifting its focus from military escalation back toward inventories, production growth, OPEC policy, and demand trends… the next few months will prove a key moment to assess whether structural supply issues are as severe as some analysts say.

Currie, Townsend, and Alhajji will examine whether the reopening of Hormuz fundamentally changes the outlook, how much spare capacity actually exists, whether the recent war exposed deeper vulnerabilities in global energy markets, and what investors should expect from oil prices over the remainder of 2026. And also… will a failed ceasefire send markets into a more severe panic than before?

Tune into the ZeroHedge homepage, X feed, or YouTube channel tonight at 7pm ET to watch live.