Brent Futures Curve Shifts to Backwardation Amid Renewed Middle East Supply Concerns
The Brent Crude futures curve has shifted into backwardation due to renewed supply risks from hostilities in the Middle East, including disrupted tanker traffic through the Strait of Hormuz and a U.S. naval blockade on Iranian oil exports. This marks a reversal from recent contango conditions seen after eased tensions earlier this month.
Topics: backwardation Brent Crude Middle East tensions oil supply risks