Iran Officially Announces the Death of President and Foreign Minister in Helicopter Crash

Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian were killed in a helicopter crash that was carrying them.

The incident occurred after the end of a visit to Azerbaijan to inaugurate the “Qiz Qala Si” dam with Azerbaijani President Ilham Aliyev. The helicopter had an accident on its way back to the city of Tabriz and crashed in the Dezmar forests between the towns of Ouyi and Pir Daoud in the Varzaqan district of East Azerbaijan province. In an official statement today, Monday, the Iranian government mourned the president, foreign minister, and all those accompanying them in the helicopter.

Also among the passengers were the representative of the Iranian guide Mohammad Ali Al-Hashem and the governor of East Azerbaijan, Malek Rahmati. The wreckage of the stricken helicopter was found after hours of strenuous searching due to poor weather conditions, fog,and the ruggedness of the mountainous area.

According to the Iranian constitution, the first vice president of Iran, Mohammad Mokhbar, is expected to take over the presidency. Mokhbar chaired the emergency meeting held by the government after the announcement of the death of President Ebrahim Raisi.

Urgent: Gold Hits Record Highs as Silver Soars Historically

Global gold prices rose to their highest levels ever during trading today, Monday, as slowing inflation in the United States boosted expectations that the US Federal Reserve may implement its first interest rate cut soon, while silver rose to its highest level in more than 11 years.

Data from last week showed signs of slowing inflation in the United States, with traders now expecting a 65% chance of a US interest rate cut by September.

The weakness of the US dollar and expectations that the Federal Reserve will cut interest rates soon have contributed to supporting gold prices.

A soft landing of the US economy is still the most likely scenario, despite the decline in its chances, and they maintained their expectations for the Federal Reserve to cut interest rates three times this year, starting in September.

Bullion is known as a hedge against inflation, but rising interest rates increase the opportunity cost of holding gold, which does not yield a return.

Investors are watching this week for the release of the minutes of the Federal Reserve’s last monetary policy meeting on Wednesday, along with comments from a number of Federal Reserve speakers.

Gold and Dollar Now

Gold futures are now up 0.98% to $2441 an ounce. While spot gold is up around 0.94% to $2437 an ounce. After hitting a record high of $2450 earlier in the session. On the other hand, the dollar index is steady at 104.315 points.

Other Metals

Silver rose 1.9% in spot trading to $32.08 after hitting its highest level in more than 11 years.

Oil Rises After Iranian President’s Death, Prices Could Jump to This Level

Oil prices continued to gain during trading today, Monday, amid political uncertainty in major producing countries after the death of the Iranian president in a helicopter crash and the Saudi crown prince’s cancellation of a trip to Japan due to health problems related to the king.

Officials and state media said on Monday that Iranian President Ebrahim Raisi, who had long been seen as a potential successor to Iranian leader Ayatollah Ali Khamenei, was killed in a helicopter crash in a mountainous region near the border with Azerbaijan.

On the other hand, Japanese Cabinet Secretary Yoshimasa Hayashi said that Saudi Crown Prince Mohammed bin Salman has postponed his visit to Japan, which was due to start on Monday, due to a health problem with his father, King Salman. The official Saudi news agency SPA said on Sunday that King Salman will undergo treatment for pneumonia.

“The oil market is still largely rangebound and without any new catalysts, and we may have to wait for clarity on OPEC+ production policy to break out of this range.”

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are due to meet on June 1. The market also appears to be increasingly uninterested in developments on the geopolitical front, likely due to the large amount of surplus energy that OPEC possesses.

In the United States, Washington took advantage of the recent drop in oil prices, saying late last week that it had bought 3.3 million barrels of oil at a price of $79.38 a barrel to help refill its strategic petroleum reserve after a massive inventory sell-off in 2022.

Oil Prices Now

As of 09:22 GMT, Brent is up 39 cents, or 0.5%, to $84.39 a barrel, after earlier rising to $84.43, its highest since May 10. U.S. West Texas Intermediate (WTI) crude for June delivery rose 23 cents to $80.29 a barrel, after earlier hitting $80.35, its highest since May 1. The June contract expires on Tuesday. July futures were up 31 cents, or 0.4%, to $79.89.

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Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances, or needs.

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