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WTI falls as traders monitor Iran developments

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 fell Monday as trader’s monitored developments in Iran after the Islamic Republic’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 Monday’s closing energy prices:

  • West Texas Intermediate June contract: $79.80 a barrel, down 27 cents, or 0.32%. Year to date, U.S. crude oil is up 11.3%.
  • Brent July contract: $83.71 a barrel, down 26 cents, or 0.32%. Year to date, the global benchmark is up 8.6%.
  • RBOB gasoline June contract: $2.54 a gallon, down 1.33%. Year to date, gasoline futures have gained about 21%.
  • Natural gas June contract: $2.75 per thousand cubic feet, up 4.27%. Year to date, gas is up 9.4%.

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.

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.

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