Oil heads for monthly gain since September

Oil headed for its first monthly gain since September amid unrest in the Red Sea. Oil prices headed for their first monthly gain since September as attacks on ships in the Red Sea diverted tanker traffic and raised fears of a wider conflict in the Middle East. Global benchmark Brent crude fell to around $82 a barrel on Wednesday but is still up more than 7% this month, while U.S. crude fell to $77 a barrel. The market is also awaiting a U.S. response to a drone strike that killed American troops in Jordan over the weekend. President Joe Biden said he had made a decision on how to respond, without giving details, and added that Iran was responsible for supplying the weapons used in the attack. Tehran has denied involvement and urged the U.S. to use diplomacy to ease tensions. “All eyes are on Biden’s next move, and that will likely determine the direction of the market,” said Will Sungchil Yun, senior commodities analyst at SI Securities Corp. in Seoul.