Oil prices climbed late on Sunday following the news that a helicopter carrying Iran's president had crashed and both he and the country's foreign minister had died.
Crude oil prices began the week with a gain following the news that a helicopter with Iran ’s president on board had crashed and both he and the country’s foreign minister died. According to a Reuters report from earlier in the day, Ebrahim Raisi and Hossein Amirabdollahian were on board a helicopter traveling across mountainous terrain in heavy fog, returning from the border with Azerbaijan where the officials attended the opening of a joint Azeri- Iran ian hydropower project.
Brent crude climbed above $84 per barrel following the news and West Texas Intermediate hit $80, with both likely to make more gains by the end of the day as more information about the situation in Iran comes in. Iran’s Supreme Leader, Ayatollah Ali Khamenei has already made a statement seeking to reassure the population there would be no disruptions to ongoing state affairs. According to early reports, the crash was caused by bad weather, which made the search and rescue operation difficult.
President Death Helicopter Geopolitics Oil Prices WTI Brent
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil Prices Rise as Market Anticipates OPEC Monthly ReportIf OPEC does not move to reduce its current voluntary production cuts in July, analysts expect oil demand to remain strong in the second and third quarters, lending further support to the market.
Read more »
Oil Prices Start the Week Lower as Fears of a War Between Israel and Iran FadeOil prices began the week with a loss as traders appear to be less worried about a direct war between Israel and Iran, with Brent falling below $87 and WTI below $83.
Read more »
Oil Prices Climb on a U.S. Inventory Draw and Inflation OptimismOil prices were moving higher early on Thursday as the demand outlook continued to improve on the back of a larger-than-expected inventory draw for the week ending May 10.
Read more »
Oil Prices Remain Rangebound but a Breakout May Be ComingOil prices have been rangebound throughout May, but promising inflation data and falling U.S. crude inventories may soon spark a rally.
Read more »
Promising Economic Signals Push Oil Prices Toward a Weekly GainSigns that major economies are finally overcoming inflation have helped to push oil prices higher, with both WTI and Brent set to post a weekly gain.
Read more »
Under-hedged U.S. Shale Patch Exposed To Falling Oil PricesCommodity analysts at Standard Chartered have revealed that hedge ratios for 2024 U.S. oil and gas output remain well below long-term averages
Read more »