The oil market is starting to show signs of short-term oversupply.

The price difference between the current and the next month Brent crude oil futures turned into a contango for the first time on Wednesday since the US and Israel launched attacks on Iran in late February, indicating a short-term increase in supply. The September Brent contract is $0.12 higher than the August contract, indicating that the market has factored in ample immediate supply, but tight supply is expected in the coming months. US Energy Secretary Wright said at the Reuters Global Energy Forum in New York that about 20 million barrels of oil have passed through the Strait of Hormuz in the past 24 hours, and oil flow has returned to normal.