Brent Crude Shifts to Contango as Trapped Tankers Resume Exports

According to shipping data, on June 24, Brent crude oil's forward curve turned contango for the first time since late February, with September futures contracts trading 12 cents higher than August contracts. The shift reflects expectations that short-term crude supply will surge as oil tankers trapped in the Persian Gulf resume operations.

Shipping trackers showed three previously stranded tankers departing the Strait of Hormuz on June 24, carrying approximately 5 million barrels of crude. Sparta Commodities research chief Neil Crosby said the market is "anticipating a large volume of physical crude flowing out of the Arabian Gulf, creating a short-term supply surplus that requires more attractive pricing to pull demand back." U.S. Energy Secretary Chris Wright noted that 20 million barrels of crude passed through the Strait of Hormuz in the prior 24 hours, signaling normalized shipping flows following a temporary U.S.-Iran agreement.