• Source:JND
Add as a preferred

Iran News:  Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian died after a fatal mountaintop helicopter crash in the East Azerbaijan province located in the northwest region of the country. Government officials confirmed the news of his death hours after the crash was reported, owing to the bad weather conditions which prevented prompt rescue operation. World leaders paid their tributes to President Raisi as the Iranians mourned the unprecedented loss.

The tragic news came as a shock to the world as geopolitical tensions stood at an all-time high in the sensitive Middle East region. Prime Minister Narendra Modi, Russian President Vladimir Putin, Turkey state head Erdogan and Chinese Premier Xi Jinping issued statements, expressing grief and solidarity with the people of Iran.

What lies ahead for Iran and the adjoining region

Following the death of Raisi, Vice President Mohammad Mokhber will take charge as the interim president of Iran. According to the law of the land, the council comprising the vice president, judiciary chief and speaker of parliament will oversee the election of the next president within the next 50 days.

ALSO READ: Ebrahim Raisi Death: Body Of Iran President Flown To Tabriz, Mohammad Mokhber Takes Over As Interim Head | Updates

However, Ebrahim Raisi's demise may have major implications for Iran, Israel and adjoining areas, given the nature of Iranian polity. His death has the potential to further fuel the discord and distrust in the region, resulting in a grave impact on fuel prices, gold prices and global markets.

Oil prices rose in Asian Markets

Iran, which is already burdened with severe sanctions and regional conflicts involving Yemem's Houthis, Hamas and Hezbollah, might experience volatility in the coming times after the passing of Raisi, who's considered a tall figure in Iranian politics. Early signs of global oil market distress were witnessed on Monday as oil prices in Asian markets rose after news of his death was confirmed. However, they largely remained rangebound.

ALSO READ: Ebrahim Raisi Death: All About US-Made Bell 212 Helicopter That Crashed Killing Iranian Prez

Raisi's death can also impact global gold prices as the escalating geopolitical volatility might push investors towards the yellow metal. Investors might pull their other investments, thus moving towards buying more gold metal. This may shoot gold prices up.