global A major event has taken place at this time, which has the potential to impact the stock market, oil market and gold. Iran’s President Ibrahim Raisi has died in a helicopter crash. The accident occurred around 3 pm on Sunday, when Raisi was returning from Azerbaijan with his entourage. Foreign Minister Hossein Amirabdollahian, the Governor of Iran’s East Azerbaijan State and some other officials were also sitting in the helicopter with the President. Iran’s state media has reported that all the bodies have been found at the crash site. All the passengers in the helicopter were killed in the accident. Let us know how much impact this incident can have on the economic world.
oil market instability
Uncertainty about Iranian leadership may lead to instability in the oil market. Because investors will be worried about the possible impact on Iran’s oil production and exports. Oil prices have also seen an increase in early trading on Monday after the death of the Iranian President in a helicopter crash. Crude oil WTI was seen trading at $ 79.91 per barrel with a gain of 0.41 percent or $ 0.33. At the same time, benchmark Brent oil was seen trading at $ 84.38 an ounce with a gain of 0.48 percent or $ 0.40.
Oil supply concerns
Any disruption in Iran’s oil production would impact global oil supplies and prices. Because Iran is a major oil producing country. However, experts believe that despite the ups and downs, the oil market remains largely rangebound.
Impact on gold market
Whenever there is geopolitical instability in the world, the demand for gold as a safe haven asset increases. This increases the prices of gold. Global gold prices have reached an all-time high after Raisi’s death in a helicopter crash. The global price of gold on Comex was seen trading at $ 2,445.80 an ounce with a gain of 1.17 percent or $ 28.40. At the same time, gold spot was seen trading at $ 2,439.20 an ounce with an increase of 0.99 percent or $ 23.98.
market sentiment
The news of Raisi’s death can also affect the stock market. Because investors will react to the potential impact on regional stability and economic policies. However, the market is not reacting much to developments on the geopolitical front. This may also be due to OPEC having large amount of reserves.
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