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.

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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.

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