Affected by the Red Sea crisis, oil prices are set to record their first monthly increase since September

Oil prices are set to rise on a monthly basis for the first time since September last year as attacks on ships in the Red Sea escalate that diverted tanker traffic and raised fears of a broader conflict in the Middle East. Global Benchmark Brent crude fell slightly on Wednesday, trading near $83 a barrel but still up more than 7% for the month, while WTI fell to $77 a barrel. Will Sungchil Yun, a senior commodity analyst at SI Securities in Seoul, said that everyone is currently focused on Biden’s next move, which could determine the direction of the market.

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