Oil spreads flipped into a bearish layout for the first time since February, as the US‑Iran agreement to reopen the Strait of Hormuz lifts Middle‑East supply.

Earlier this week, traders noted that tighter futures curves reversed into a contango pattern, signaling higher near‑term prices relative to longer maturities. The change reflects fresh flows from the region, tightening the market’s previous tightness.

Investors watching the supply‑demand balance will see the new structure as a cue for inventory adjustments. Energy firms may recalibrate hedging strategies to lock in the tighter spread now that the Strait is open, potentially reducing exposure to geopolitical risk.

The shift underscores how a single diplomatic decision can reshape short‑term pricing dynamics, forcing market participants to revisit expectations for inventory builds and transport costs.