diff --git a/newsfragments/3207.internal.rst b/newsfragments/3207.internal.rst
new file mode 100644
index 0000000000..5d065a3603
--- /dev/null
+++ b/newsfragments/3207.internal.rst
@@ -0,0 +1 @@
+Formatting updates for ``black==24.1.0``.
\ No newline at end of file
diff --git a/tests/core/eth-module/test_transactions.py b/tests/core/eth-module/test_transactions.py
index 7484fd29d2..6321207304 100644
--- a/tests/core/eth-module/test_transactions.py
+++ b/tests/core/eth-module/test_transactions.py
@@ -187,9 +187,11 @@ def test_unmined_transaction_wait_for_receipt(w3, request_mocker):
     with request_mocker(
         w3,
         mock_results={
-            RPC.eth_getTransactionReceipt: lambda method, params: None
-            if next(receipt_counters[params[0]]) < 5
-            else unmocked_make_request(method, params)["result"]
+            RPC.eth_getTransactionReceipt: lambda method, params: (
+                None
+                if next(receipt_counters[params[0]]) < 5
+                else unmocked_make_request(method, params)["result"]
+            )
         },
     ):
         with pytest.raises(TransactionNotFound):
diff --git a/tests/core/utilities/test_abi.py b/tests/core/utilities/test_abi.py
index 35f7cc47ee..09f944196c 100644
--- a/tests/core/utilities/test_abi.py
+++ b/tests/core/utilities/test_abi.py
@@ -296,9 +296,9 @@ def test_abi_data_tree(types, data, expected):
             ["bool[2]", "int256"],
             [[True, False], 9876543210],
             [
-                lambda typ, dat: (typ, "Tru-dat")
-                if typ == "bool" and dat
-                else (typ, dat),
+                lambda typ, dat: (
+                    (typ, "Tru-dat") if typ == "bool" and dat else (typ, dat)
+                ),
                 lambda typ, dat: (typ, hex(dat)) if typ == "int256" else (typ, dat),
             ],
             [["Tru-dat", False], "0x24cb016ea"],
diff --git a/web3/_utils/contract_sources/compile_contracts.py b/web3/_utils/contract_sources/compile_contracts.py
index 8241d5fa64..7347eb8f71 100644
--- a/web3/_utils/contract_sources/compile_contracts.py
+++ b/web3/_utils/contract_sources/compile_contracts.py
@@ -42,7 +42,6 @@
     reformatted ...
 """
 
-
 import argparse
 import os
 import re
diff --git a/web3/_utils/events.py b/web3/_utils/events.py
index 1411f7bdba..543d33bf5b 100644
--- a/web3/_utils/events.py
+++ b/web3/_utils/events.py
@@ -132,9 +132,11 @@ def construct_event_topic_set(
     ]
     encoded_args = [
         [
-            None
-            if option is None
-            else encode_hex(abi_codec.encode([arg["type"]], [option]))
+            (
+                None
+                if option is None
+                else encode_hex(abi_codec.encode([arg["type"]], [option]))
+            )
             for option in arg_options
         ]
         for arg, arg_options in zipped_abi_and_args
@@ -174,9 +176,11 @@ def construct_event_data_set(
     ]
     encoded_args = [
         [
-            None
-            if option is None
-            else encode_hex(abi_codec.encode([arg["type"]], [option]))
+            (
+                None
+                if option is None
+                else encode_hex(abi_codec.encode([arg["type"]], [option]))
+            )
             for option in arg_options
         ]
         for arg, arg_options in zipped_abi_and_args
diff --git a/web3/_utils/fee_utils.py b/web3/_utils/fee_utils.py
index a5755bd77a..df2a06644c 100644
--- a/web3/_utils/fee_utils.py
+++ b/web3/_utils/fee_utils.py
@@ -33,9 +33,11 @@ def _fee_history_priority_fee_estimate(fee_history: FeeHistory) -> Wei:
     return (  # keep estimated priority fee within a max / min range
         PRIORITY_FEE_MAX
         if priority_fee_average_for_percentile > PRIORITY_FEE_MAX
-        else PRIORITY_FEE_MIN
-        if priority_fee_average_for_percentile < PRIORITY_FEE_MIN
-        else priority_fee_average_for_percentile
+        else (
+            PRIORITY_FEE_MIN
+            if priority_fee_average_for_percentile < PRIORITY_FEE_MIN
+            else priority_fee_average_for_percentile
+        )
     )
 
 
diff --git a/web3/_utils/module_testing/utils.py b/web3/_utils/module_testing/utils.py
index b2e30ea274..bda7e2a57b 100644
--- a/web3/_utils/module_testing/utils.py
+++ b/web3/_utils/module_testing/utils.py
@@ -60,9 +60,9 @@ def __init__(
         self.w3 = w3
         self.mock_results = mock_results or {}
         self.mock_errors = mock_errors or {}
-        self._make_request: Union[
-            "AsyncMakeRequestFn", "MakeRequestFn"
-        ] = w3.provider.make_request
+        self._make_request: Union["AsyncMakeRequestFn", "MakeRequestFn"] = (
+            w3.provider.make_request
+        )
 
     def __enter__(self) -> "Self":
         setattr(self.w3.provider, "make_request", self._mock_request_handler)
diff --git a/web3/_utils/request.py b/web3/_utils/request.py
index 716e968a6c..8a01be5594 100644
--- a/web3/_utils/request.py
+++ b/web3/_utils/request.py
@@ -157,9 +157,11 @@ async def async_cache_and_return_session(
             warning = (
                 "Async session was closed"
                 if session_is_closed
-                else "Loop was closed for async session"
-                if session_loop_is_closed
-                else None
+                else (
+                    "Loop was closed for async session"
+                    if session_loop_is_closed
+                    else None
+                )
             )
             if warning:
                 logger.debug(
diff --git a/web3/_utils/threads.py b/web3/_utils/threads.py
index 991c7cf254..4ce80d7e17 100644
--- a/web3/_utils/threads.py
+++ b/web3/_utils/threads.py
@@ -1,6 +1,7 @@
 """
 A minimal implementation of the various gevent APIs used within this codebase.
 """
+
 import asyncio
 import threading
 import time
diff --git a/web3/eth/async_eth.py b/web3/eth/async_eth.py
index 62b4838e03..1da4442bb7 100644
--- a/web3/eth/async_eth.py
+++ b/web3/eth/async_eth.py
@@ -104,9 +104,9 @@ class AsyncEth(BaseEth):
 
     is_async = True
 
-    _default_contract_factory: Type[
-        Union[AsyncContract, AsyncContractCaller]
-    ] = AsyncContract
+    _default_contract_factory: Type[Union[AsyncContract, AsyncContractCaller]] = (
+        AsyncContract
+    )
 
     # eth_accounts
 
@@ -382,15 +382,15 @@ async def get_raw_transaction_by_block(
     # eth_getBlockTransactionCountByHash
     # eth_getBlockTransactionCountByNumber
 
-    get_block_transaction_count: Method[
-        Callable[[BlockIdentifier], Awaitable[int]]
-    ] = Method(
-        method_choice_depends_on_args=select_method_for_block_identifier(
-            if_predefined=RPC.eth_getBlockTransactionCountByNumber,
-            if_hash=RPC.eth_getBlockTransactionCountByHash,
-            if_number=RPC.eth_getBlockTransactionCountByNumber,
-        ),
-        mungers=[default_root_munger],
+    get_block_transaction_count: Method[Callable[[BlockIdentifier], Awaitable[int]]] = (
+        Method(
+            method_choice_depends_on_args=select_method_for_block_identifier(
+                if_predefined=RPC.eth_getBlockTransactionCountByNumber,
+                if_hash=RPC.eth_getBlockTransactionCountByHash,
+                if_number=RPC.eth_getBlockTransactionCountByNumber,
+            ),
+            mungers=[default_root_munger],
+        )
     )
 
     # eth_sendTransaction
@@ -417,15 +417,15 @@ async def send_raw_transaction(self, transaction: Union[HexStr, bytes]) -> HexBy
     # eth_getBlockByHash
     # eth_getBlockByNumber
 
-    _get_block: Method[
-        Callable[[BlockIdentifier, bool], Awaitable[BlockData]]
-    ] = Method(
-        method_choice_depends_on_args=select_method_for_block_identifier(
-            if_predefined=RPC.eth_getBlockByNumber,
-            if_hash=RPC.eth_getBlockByHash,
-            if_number=RPC.eth_getBlockByNumber,
-        ),
-        mungers=[BaseEth.get_block_munger],
+    _get_block: Method[Callable[[BlockIdentifier, bool], Awaitable[BlockData]]] = (
+        Method(
+            method_choice_depends_on_args=select_method_for_block_identifier(
+                if_predefined=RPC.eth_getBlockByNumber,
+                if_hash=RPC.eth_getBlockByHash,
+                if_number=RPC.eth_getBlockByNumber,
+            ),
+            mungers=[BaseEth.get_block_munger],
+        )
     )
 
     async def get_block(
@@ -653,9 +653,9 @@ async def get_uncle_count(self, block_identifier: BlockIdentifier) -> int:
 
     # eth_getFilterChanges, eth_getFilterLogs, eth_uninstallFilter
 
-    _get_filter_changes: Method[
-        Callable[[HexStr], Awaitable[List[LogReceipt]]]
-    ] = Method(RPC.eth_getFilterChanges, mungers=[default_root_munger])
+    _get_filter_changes: Method[Callable[[HexStr], Awaitable[List[LogReceipt]]]] = (
+        Method(RPC.eth_getFilterChanges, mungers=[default_root_munger])
+    )
 
     async def get_filter_changes(self, filter_id: HexStr) -> List[LogReceipt]:
         return await self._get_filter_changes(filter_id)
@@ -733,14 +733,12 @@ async def unsubscribe(self, subscription_id: HexStr) -> bool:
     # -- contract methods -- #
 
     @overload
-    def contract(self, address: None = None, **kwargs: Any) -> Type[AsyncContract]:
-        ...
+    def contract(self, address: None = None, **kwargs: Any) -> Type[AsyncContract]: ...
 
     @overload
     def contract(
         self, address: Union[Address, ChecksumAddress, ENS], **kwargs: Any
-    ) -> AsyncContract:
-        ...
+    ) -> AsyncContract: ...
 
     def contract(
         self,
diff --git a/web3/eth/eth.py b/web3/eth/eth.py
index 8d7bd47c92..564a012713 100644
--- a/web3/eth/eth.py
+++ b/web3/eth/eth.py
@@ -301,9 +301,9 @@ def create_access_list(
 
     # eth_estimateGas
 
-    _estimate_gas: Method[
-        Callable[[TxParams, Optional[BlockIdentifier]], int]
-    ] = Method(RPC.eth_estimateGas, mungers=[BaseEth.estimate_gas_munger])
+    _estimate_gas: Method[Callable[[TxParams, Optional[BlockIdentifier]], int]] = (
+        Method(RPC.eth_estimateGas, mungers=[BaseEth.estimate_gas_munger])
+    )
 
     def estimate_gas(
         self, transaction: TxParams, block_identifier: Optional[BlockIdentifier] = None
@@ -615,15 +615,15 @@ def modify_transaction(
 
     # eth_newFilter, eth_newBlockFilter, eth_newPendingTransactionFilter
 
-    filter: Method[
-        Callable[[Optional[Union[str, FilterParams, HexStr]]], Filter]
-    ] = Method(
-        method_choice_depends_on_args=select_filter_method(
-            if_new_block_filter=RPC.eth_newBlockFilter,
-            if_new_pending_transaction_filter=RPC.eth_newPendingTransactionFilter,
-            if_new_filter=RPC.eth_newFilter,
-        ),
-        mungers=[BaseEth.filter_munger],
+    filter: Method[Callable[[Optional[Union[str, FilterParams, HexStr]]], Filter]] = (
+        Method(
+            method_choice_depends_on_args=select_filter_method(
+                if_new_block_filter=RPC.eth_newBlockFilter,
+                if_new_pending_transaction_filter=RPC.eth_newPendingTransactionFilter,
+                if_new_filter=RPC.eth_newFilter,
+            ),
+            mungers=[BaseEth.filter_munger],
+        )
     )
 
     # eth_getFilterChanges, eth_getFilterLogs, eth_uninstallFilter
@@ -661,14 +661,12 @@ def modify_transaction(
     )
 
     @overload
-    def contract(self, address: None = None, **kwargs: Any) -> Type[Contract]:
-        ...
+    def contract(self, address: None = None, **kwargs: Any) -> Type[Contract]: ...
 
     @overload
     def contract(
         self, address: Union[Address, ChecksumAddress, ENS], **kwargs: Any
-    ) -> Contract:
-        ...
+    ) -> Contract: ...
 
     def contract(
         self,
diff --git a/web3/method.py b/web3/method.py
index e6f350bec2..e4f8a7849d 100644
--- a/web3/method.py
+++ b/web3/method.py
@@ -66,9 +66,7 @@ def _set_mungers(
     return (
         mungers
         if mungers
-        else [default_munger]
-        if is_property
-        else [default_root_munger]
+        else [default_munger] if is_property else [default_root_munger]
     )
 
 
@@ -177,9 +175,7 @@ def input_munger(self, module: "Module", args: Any, kwargs: Any) -> List[Any]:
             lambda args, munger: munger(module, *args, **kwargs), self.mungers, args
         )
 
-    def process_params(
-        self, module: "Module", *args: Any, **kwargs: Any
-    ) -> Tuple[
+    def process_params(self, module: "Module", *args: Any, **kwargs: Any) -> Tuple[
         Tuple[Union[RPCEndpoint, Callable[..., RPCEndpoint]], Tuple[Any, ...]],
         Tuple[
             Union[TReturn, Dict[str, Callable[..., Any]]],
diff --git a/web3/utils/__init__.py b/web3/utils/__init__.py
index 81a4decb4c..13c24de6a0 100644
--- a/web3/utils/__init__.py
+++ b/web3/utils/__init__.py
@@ -2,6 +2,7 @@
 NOTE: This is a public utility module. Any changes to these utility methods would
 classify as breaking changes.
 """
+
 from .abi import (  # NOQA
     get_abi_input_names,
     get_abi_output_names,