Oil prices maintained stability on Monday, hovering above the $80 mark per barrel amidst escalating geopolitical tensions following a series of attacks over the weekend.
Brent crude futures were seen trading close to $84 per barrel, while West Texas Intermediate (WTI) prices also stayed firm, surpassing the $80 threshold.
This steadiness in the oil market is observed in the wake of intensified drone strikes by Ukraine on Russian oil refineries, which targeted vital installations this past Sunday.
In a significant development that heightened regional tensions, a missile launched by Houthi rebels struck a China-bound oil tanker in the Red Sea on Saturday, as reported by Bloomberg.
This incident underscores the ongoing instability in the Middle East, a key conduit for global oil trade.
Compounding the geopolitical risks, the semi-official Mehr news agency reported the deaths of Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian in a helicopter crash on Sunday.
Despite the loss of Iran’s top officials, Supreme Leader Ayatollah Ali Khamenei reassured that the nation’s governance would remain uninterrupted.
