Brent Crude Turns to Contango as September Contract Trades $0.12 Above August

Brent crude oil futures shifted to contango on Wednesday, with the September contract trading $0.12 higher than the August contract—the first time since late February. According to U.S. Energy Secretary Wright, approximately 20 million barrels of oil flowed through the Strait of Hormuz in the past 24 hours, with oil flows returning to normal levels. The price structure signals near-term supply adequacy, though markets anticipate supply tightness in coming months.
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