Oil prices have surged as political instability grips major oil-producing nations. The death of Iranian President Ebrahim Raisi and health concerns surrounding Saudi Arabia’s King Salman have heightened market uncertainties.
Market Impact
Brent Crude: Increased by 41 cents, or 0.5%, reaching $84.39 per barrel at 0632 GMT. It hit a peak of $84.43, the highest since May 10.
U.S. West Texas Intermediate (WTI): The June contract rose 23 cents to $80.29 per barrel, peaking at $80.35. The July contract increased by 31 cents, or 0.4%, to $79.89.
Key Events
Death of Iranian President Ebrahim Raisi:
Raisi died in a helicopter crash near the Azerbaijan border. The crash also claimed the lives of Iran’s Foreign Minister Hossein Amirabdollahian and other officials.
First Vice President Mohammad Mokhber, expected to serve as interim president, is part of a council tasked with organizing a new presidential election within 50 days.
Saudi Arabian Crown Prince Cancels Japan Visit:
Crown Prince Mohammed bin Salman postponed his visit to Japan due to his father King Salman’s health. The 88-year-old king is undergoing treatment for lung inflammation.
Political Reactions
Iran:
Iranian officials, including the Supreme Leader Ayatollah Ali Khamenei, will oversee the transition period.
Condolences poured in from global leaders, with many highlighting Raisi’s controversial tenure marked by strict enforcement of morality laws and a harsh crackdown on protests.
Saudi Arabia:
The postponement of the crown prince’s visit underscores the significant impact of King Salman’s health on the kingdom’s political activities.
Technical Aspects
Helicopter Details:
Raisi was aboard a U.S.-made Bell 212 helicopter, known for its versatility and widespread use. The crash occurred in challenging mountainous terrain, complicating rescue efforts.
Conclusion
The combined impact of President Raisi’s death and King Salman’s health issues has introduced significant volatility in the oil markets. As these nations navigate their respective crises, oil prices are expected to remain sensitive to further developments.
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Written By Joe Brens