Oil prices steadied Monday amid political uncertainty in the world's major oil exporters following the crash death of Iranian President Ali Abdallah Raisi and the health problems of Saudi Arabia's King Salman.
Reuters reported Monday that Brent crude futures fell 35 cents to $83.63 a barrel at 8:05 p.m. U.S. WTI crude futures for July delivery were down 38 cents at $79.2 a barrel.
Iranian state media has confirmed that President Ebrahim Raisi has been killed in a plane crash.
Raisi has long been seen as a potential successor to Iran's Supreme Leader, Ayatollah Ali Khamenei. Lehi was in a helicopter that crashed in a mountainous area near the Azerbaijani border.
Reuters reported from London that Iran's oil policy should not be affected by the president's sudden death because Khamenei has the final say on all state matters.
In another development, Japan's cabinet secretary Yoshimasa Hayashi said that due to the health problems of Saudi King Salman Bin Abdulaziz, Saudi Crown Prince Mohammed bin Salman has postponed a trip to Japan that was scheduled to begin Monday.
Saul Kavonic, an energy analyst at MST Marquee, said the market had grown accustomed to Crown Prince Mohammed bin Salman's leadership in the energy sector.
"There will be continuity in the Saudi strategy regardless of the health issues," said Saul Kavanick.
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