Brent crude oil prices indicated a shift towards increased near-term supply on Wednesday, with second-month delivery prices exceeding those for prompt delivery. This is the first time this price dynamic has occurred since late February, coinciding with the start of the Iran war. The change is attributed to a noticeable increase in tanker traffic exiting the Strait of Hormuz, a critical chokepoint for global oil shipments. This suggests a potential easing of supply constraints previously linked to geopolitical tensions in the region. Analysts interpret the movement as a signal that oil is flowing more freely, impacting market expectations. The price shift reflects a reduced risk premium associated with potential disruptions to oil transport. This development could influence future oil price trends, though broader market factors remain in play.