107411771 17151129812024 05 07t200121z 1006456410 Rc2wl7a1xo1u Rtrmadp 0 Iran Raisi.jpeg

WTI Little Changed After Iran President Dies


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.

Stock Chart IconStock chart icon

hide content

WTI vs. Brent

In Saudi Arabia, OPEC’s largest producer, King Salman is undergoing treatment for a lung infection.

Oil Prices, Energy News and Analysis

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 output by 2.2 million barrels per day to support prices.

Don’t miss these stories from CNBC PRO:



Source link

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *