May 20, 2024 02:37 PM IST
Ebrahim Raisi’s death may have major implications for Iran, Israel, and the wider region. It could also impact oil prices, global markets and gold prices.
Iran’s president Ebrahim Raisi, country’s foreign minister and several other officials were found dead hours after their helicopter crashed in the country’s northwest, state media reported. PM Narendra Modi expressed deep sorrow over the unexpected death of Ebrahim Raisi and acknowledged his significant role in enhancing India-Iran relations saying, “Deeply saddened and shocked by the tragic demise of Dr. Seyed Ebrahim Raisi, president of the Islamic Republic of Iran. His contribution to strengthening India-Iran bilateral relationship will always be remembered. My heartfelt condolences to his family and the people of Iran. India stands with Iran in this time of sorrow.”
Iran’s Supreme Leader Ayatollah Ali Khamenei said that First Vice President Mohammad Mokhber would take over as interim president.
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Read more: Ebrahim Raisi dead: Who will be next Iran president? What does the Constitution say?
Ebrahim Raisi’s death may have major implications for Iran, Israel, and the wider region. It could also impact oil prices, global markets and gold prices.
Possible impact of Ebrahim Raisi’s death on stock markets
Uncertainty in Iran could lead to volatility in oil markets as investors assess the impact of the death of Iran’s president on oil production and exports. Oil prices rose in Asian trading following the crash of Ebrahim Raisi’s helicopter.
Supply disruptions possible?
Read more: Iran’s Ebrahim Raisi dies in helicopter crash: How world leaders reacted
If there are supply disruptions to Iran’s oil production, it could have a major impact on global oil supplies and prices. Although, so far despite volatility, the oil market has remained largely rangebound.
Read more: Last visuals of Iran president Ebrahim Raisi inside helicopter moments before crash
What could be the impact on gold prices?
Geopolitical uncertainty can lead to increased demand for safe-haven assets like gold. This results in pushing the prices higher and following the death of Iranian president gold has surged to an all-time high.
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