Crude oil prices rise as search for Iran's president progresses

While rescue teams are searching for Iranian President Ebrahim Raisi due to a helicopter crash, WTI crude oil futures surpassed $80 per barrel on Monday, expanding the range of gains from last week, and political uncertainty in major oil producing countries has increased.

Iranian state media reported that although the location of the crash had been identified, the condition of Mr. Raisi was unknown.

In the US, the government announced late last week that 3.3 million barrels of crude oil had been purchased at $79.38 per barrel to replenish strategic oil reserves.

Furthermore, the latest OPEC report showed that member countries exceeded the production limit of 568,000 barrels per day in April, but maintained steady demand forecasts of 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025.

Investors are currently watching the June 1 meeting where OPEC will decide on production policies for the second quarter and beyond.