Nigeria’s crude oil prices experienced a notable increase on the international market following the death of Iranian President Ebrahim Raisi.

Market data showed that on Monday, futures for Nigeria’s Brass River and Qua Iboe oil grades saw gains. Brass River, a sweet medium light crude, rose by 0.70%, reaching $86.60 per barrel.

Similarly, Qua Iboe, another light sweet crude grade, also climbed 0.70% to the same price of $86.60 per barrel.

In contrast, U.S. West Texas Intermediate (WTI) and Brent crude prices were reported at $79.96 and $83.81 per barrel, respectively, at the time of reporting.

Previously, analysts from JPMorgan had predicted on Sunday that the death of President Raisi could lead to increased volatility in the oil markets.

“From here, we expect overall market fundamentals to improve and see similar inventory draws and price action as observed last summer, with Brent oil moving $10 higher from current levels by September,” JPMorgan analysts said.

The Supreme Leader of Iran, Ayatollah Ali Khamenei, on Monday declared Vice-President Mohammad Mokhber, the country’s acting president following Raisi’s death. 

The death of the Iranian president it was feared, could lead to a hike in oil prices on account of the instability in the oil rich Middle-East.