Oil Prices Climb Amid Uncertainty Over Iran President’s Death, Saudi King’s Health

Oil Prices Climb Amid Uncertainty Over Iran President’s Death, Saudi King’s Health
Oil Prices Climb Amid Uncertainty Over Iran President’s Death, Saudi King’s Health

Oil prices on Monday extended gains, rising amid political uncertainty in major producing countries after Iran’s president was feared dead in a helicopter crash and the Saudi crown prince canceled a Japan trip, citing health issues with the king.

Brent gained 32 cents – or 0.4% – to $84.30 a barrel, while US West Texas Intermediate crude (WTI) rose 5 cents to $80.11 a barrel, according to Reuters.

A helicopter carrying Iranian President Ebrahim Raisi crashed on Sunday, Iranian officials said. He, as well as the nation’s foreign minister Hossein Amirabdollahian, are said to have not survived the incident, Iran’s semi-official news agency Tasnim confirmed on Monday morning.

Separately, Saudi Arabian Crown Prince Mohammed bin Salman postponed his visit to Japan, scheduled to begin on Monday, because of a health issue with King Salman, stated Japan’s Chief Cabinet Secretary Yoshimasa Hayashi. Saudi Arabia’s state news agency on Sunday reported that 88-year-old King Salman will undergo treatment for lung inflammation.

A screen displaying images of Saudi King Salman (R) and Crown Prince Mohammed bin Salman in Mecca, Saudi Arabia.AP Photo/Amr Nabil, File

“If the father’s health is failing, it adds to the layer of uncertainty already circulating energy markets this morning following the news that the Iranian President is missing,” IG Markets analyst Tony Sycamore told Reuters.

He added that “there are enough reasons out there for this to happen, more so when you factor in China property measures announced last week, including relaxing mortgage rules, lowering deposits, and buying unsold homes.”

 
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