For the first time since February, the price difference of Brent crude oil in recent months has turned into a futures premium, and expectations of oversupply have emerged According to a report by Golden Finance, on June 24th, with the reopening of the Strait of Hormuz due to the US Iran agreement and an increase in oil supply in the Middle East, the Brent crude oil near month spread has turned into a futures premium for the first time since February, meaning that the near month contract price is lower than the next month's contract price. This structure usually indicates an expectation of oversupply. This is the latest signal in a series, indicating that the oil market is weakening as the premium of physical crude oil declines. Earlier today, Brent crude oil prices fell below $75 per barrel for the first time since the outbreak of the Iran War. Prior to the conversion of Brent crude oil to futures premium, the Dubai market in the Middle East also experienced a similar trend recently.