WTI falls as traders monitor Iran developments

Crude oil futures fell Monday as trader’s monitored developments in Iran after the Islamic Republic’s president and foreign minister died in a helicopter crash.

President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian perished in the crash in Iran’s East Azerbaijan province in poor weather.

Here are Monday’s closing energy prices:

• West Texas Intermediate June contract: $79.80 a barrel, down 27 cents, or 0.32%. Year to date, U.S. crude oil is up 11.3%.
• Brent July contract: $83.71 a barrel, down 26 cents, or 0.32%. Year to date, the global benchmark is up 8.6%.
• RBOB gasoline June contract: $2.54 a gallon, down 1.33%. Year to date, gasoline futures have gained about 21%.
• Natural gas June contract: $2.75 per thousand cubic feet, up 4.27%. Year to date, gas is up 9.4%.

Policy in OPEC’s third-largest producer is not expected to change, with Vice President Mohammad Mokhber taking over as interim president as the country prepares for new elections within 50 days.

In Saudi Arabia, OPEC’s largest producer, King Salman is undergoing treatment for a lung infection.

U.S. crude oil and Brent booked modest gains last week, but remain stuck in a narrow range as traders look for a catalyst that could lift prices out of the doldrums.

OPEC and its allies, led by Russia, will hold a meeting on June 1 to review production policy. A coalition of OPEC+ members are voluntarily cutting output by 2.2 million barrels per day to support prices.