Ebrahim Raisi dies in helicopter crash: Will Iran president's death impact oil prices?

The death of President Raisi is expected to have significant implications for Iran, Israel, and the broader region. It could also influence global oil prices, markets, and gold prices.

Team Asianet Newsable

First Published May 20, 2024, 3:30 PM IST | Last Updated May 20, 2024, 3:30 PM IST

Iranian President Ebrahim Raisi, along with the country's foreign minister and several other senior officials, were on Monday (May 20) found dead hours after their helicopter crashed in the northwest region of the country, according to state media reports.

Prime Minister Narendra Modi expressed profound sorrow over the unexpected passing of President Raisi, acknowledging his significant role in enhancing India-Iran relations.

Iran President Raisi's likely last moments captured in video before helicopter crash (WATCH)

PM Modi said, "Deeply saddened and shocked by the tragic demise of Dr. Seyed Ebrahim Raisi, president of the Islamic Republic of Iran. His contribution to strengthening India-Iran bilateral relationship will always be remembered. My heartfelt condolences to his family and the people of Iran. India stands with Iran in this time of sorrow."

Iran's Supreme Leader Ayatollah Ali Khamenei announced that First Vice President Mohammad Mokhber would take over as interim president following the tragedy.

The death of President Raisi is expected to have significant implications for Iran, Israel, and the broader region. It could also influence global oil prices, markets, and gold prices.

Uncertainty in Iran could lead to volatility in oil markets as investors evaluate the impact of the president's death on oil production and exports.

Ebrahim Raisi dead in helicopter crash: Who will be next President of Iran, what does the Constitution say?

Following the crash, oil prices rose in Asian trading. If there are disruptions to Iran's oil production, it could have a major impact on global oil supplies and prices. Despite recent volatility, the oil market has remained largely rangebound.

Geopolitical uncertainty typically increases demand for safe-haven assets like gold, pushing prices higher. In the wake of President Raisi's death, gold prices surged to an all-time high.

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