In January, U.S. crude and the global benchmark Brent increased 5.86% and 6.06%, respectively, marking the first monthly gain since September. This uptick can be attributed to the escalating tensions between the U.S. and Iran, bringing them closer to a potential direct confrontation in the Middle East.
While the potential demand weakness in China could put downward pressure, rising global demand and supply disruptions are expected to drive crude oil prices higher this year.
