Political Uncertainty in Major Oil-Producing Countries caused Oil Prices to Stall


Oil prices remained stable despite political unrest in major oil-producing countries. The market’s anxiety was heightened by the unexpected death of Ebrahim Raisi, the president of Iran, and the cancelation of the crown prince of Saudi Arabia’s trip to Japan due to the king’s health issues.

When the latest news came in, West Texas Intermediate was down by 0.32 percent at 79 dollars and 8 cents, and Brent Crude Oil futures had dropped by 0.12% to trade at 83 dollars and 88 cents.