Iranian President Ebrahim Raisi looks on during a TV interview, in Tehran, Iran May 7, 2024.
- Policy in OPEC's third-largest producer is not expected to change, with Vice President Mohammad Mokhber taking over as interim president until new elections are held.
- 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.
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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In Saudi Arabia, OPEC's largest producer, King Salman is undergoing treatment for a lung infection.
Money Report
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.
