Global crude oil prices fall despite political uncertainty caused by death of Iran president

Iran president Ebrahim Raisi who lost his life in a helicopter crash near its border with Azerbaijan

Global crude oil prices fell after a US Federal Reserve official suggested inflation data in the world's biggest oil consumer was not sufficiently convincing to lower borrowing costs, while the market reacted little to the political uncertainty caused by the death of oil producer Iran's president Ebrahim Raisi. 

Brent crude fell to $83.48 a barrel as US inflation data through the first months of 2024 has been disappointing, the Fed's vice-chair for supervision, Michael Barr, said, leaving the central bank short of the evidence it needs to cut interest rates.