Prices of crude oil began the week with a gain following the news that a helicopter with Iran’s president on board had crashed.
Both Ebrahim Raisi and Hossein Amirabdollahian were on board a helicopter traveling across mountainous terrain in heavy fog.
They were returning from the border with Azerbaijan where the officials attended the opening of a joint Azeri-Iranian hydropower project.
Brent crude climbed above $84 per barrel following the news.
West Texas Intermediate hit $80, with both likely to make more gains by the end of the day.
Bloomberg on the other hand, reports that “there are no signs so far that this incident will lead to supply disruptions or a change in policy.”
Largest Oil Producers By Country
According to the United States Energy Information Administration (EIA), Iran is 9th largest oil producer globally at 4%, with 3.99 million barrels per day.
Also Read: Who Will Take Over After The Death of Iranian President Raisi?
Top on the list is the US at 21.91 million barrels per day (22%) followed by Saudi Arabia at 11.13 million barrels per day (11%).
Oil includes crude oil, all other petroleum liquids, and biofuels.
Production includes domestic production of crude oil, all other petroleum liquids, and biofuels and refinery processing gain.
Raisi died on Sunday in a helicopter crash in a mountainous and forested area of the country in poor weather.
According to a report by Al Jazeera, the 63-year-old, a figure representing conservative and hardline factions in Iranian politics, was president for nearly three years, and appeared on track to run for re-election next year.
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.
The first vice president Mohammad Mokhber will likely take over temporarily until an election can be held.
