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20/05/24
257
Crude Prices Down Slightly; Focus on Iran After Helicopter Crash
On Monday, crude prices were lower and gave back early gains after it was confirmed Iran’s President had been killed in a helicopter crash.
Brent oil futures were 0.5% lower at $83.53 per barrel, and West Texas Intermediate crude futures were 0.6% lower at $79.10 per barrel.
Early on Monday, crude prices were higher after reports that a helicopter with Iranian President Ebrahim Raisi and his foreign minister on board over the weekend crashed in a mountainous region due to bad weather.
Raisi was a contender to become the highest political position in Iran – the nation’s supreme leader.
State media later confirmed his death and tensions eased as the Iranians have not accused any outside parties of foul play.
The country’s oil policy should also not be affected as Ayatollah Ali Khamenei, the current Supreme Leader, holds ultimate power with the final say on all state affairs.
A key point of support for crude prices has been fears that continued instability in the Middle East may disrupt oil supplies from the region and this has kept Brent trading at higher than $80 for most of this year.
There is however still caution within oil markets before a slew of upcoming clues on the U.S. economy and interest rates this week.
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