Oil little changed after Iran’s president dies in helicopter crash

Environment

Iranian President Ebrahim Raisi looks on during a TV interview, in Tehran, Iran May 7, 2024. 
Iran’s Presidency | WANA | Via Reuters

Crude oil futures were little changed Monday after Iran’s president and foreign minister died in a helicopter crash.

President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian perished in the crash in Iran’s East Azerbaijan province in poor weather.

Here are today’s energy prices:

  • West Texas Intermediate June contract: $79.78 a barrel, down 28 cents, or 0.35%. Year to date, U.S. crude oil is up 11.3%.
  • Brent July contract: $83.77 a barrel, down 21 cents, or 0.25%. Year to date, the global benchmark is up 8.8%.
  • RBOB Gasoline June contract: $2.56 a gallon, down 0.54%. Year to date, gasoline futures have gained 21.7%.
  • Natural Gas June contract: $2.65 per thousand cubic feet, up 1%. Year to date, gas is up 5.8%.

Policy in OPEC’s third-largest producer is not expected to change, with Vice President Mohammad Mokhber taking over as interim president as the country prepares for new elections within 50 days.

Stock Chart IconStock chart icon

hide content
WTI vs. Brent

In Saudi Arabia, OPEC’s largest producer, King Salman is undergoing treatment for a lung infection.

U.S. crude oil and Brent booked modest gains last week, but remain stuck in a narrow range as traders look for a catalyst that could lift prices out of the doldrums.

OPEC and its allies, led by Russia, will hold a meeting on June 1 to review production policy. A coalition of OPEC+ members are voluntarily cutting production by 2.2 million barrels per day to support prices.

Articles You May Like

Red or blue? Sky News holds draw to decide who will face questions first in leaders’ event
Sunak ally Stride does his boss no favours in response to question about PM’s future
Amazon, Best Buy, Google may soon sell home smart devices with ‘hacker-safe’ label
Hunter Biden is first sitting US president’s son to be convicted of crime
Signs robotic Starmer’s honeymoon may be brief if he wins – as Sunak fails to seize moment at Sky News Grimsby event