How did the death of İranian president's death affect oil prices?

World 11:57 21.05.2024

In the wake of the tragic demise of Iranian President Ibrahim Raisi, the global oil market braces for potential shifts.

According to Ednews, analysts anticipate a downward trend in oil prices, attributed to the immediate fallout in Iran's oil exports.

Following the untimely passing of President Raisi, Iran's economic partners swiftly implemented temporary suspensions on trade agreements, leading to a notable decrease in the country's oil exports. As a result, the price of crude oil experienced a dip, with the cost per barrel declining from $84.2 to $80.1.

The sudden disruption in Iran's oil trade underscores the significant role the nation plays in global energy markets. With uncertainties looming over the future leadership and policies of Iran, stakeholders closely monitor developments for potential implications on oil prices and market stability.

As the world mourns the loss of President Raisi and navigates the ensuing economic repercussions, industry experts continue to assess the evolving landscape of the energy sector. Stay tuned for further updates on this evolving situation.

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