Oil prices surged during early Asian trading on Monday, building on gains from the previous week. This uptick came amidst the unfolding search for Iran’s president following a helicopter crash in the oil-rich nation, coupled with the United States’ procurement of crude to bolster its strategic reserves.

Brent concluded the prior week with a 1 percent uptick, marking its first weekly rise in three weeks. WTI also saw a 2 percent climb, supported by positive economic indicators from both the U.S. and China, the globe’s largest consumers of oil.

On Sunday, Iranian officials reported a helicopter crash involving Iranian President Ebrahim Raisi. Authorities expressed concerns for the safety of President Raisi and Foreign Minister Hossein Amirabdollahian.

Despite the tumultuous developments in the region, oil prices exhibited only minor fluctuations. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively referred to as OPEC+, are scheduled to convene on June 1.

“The oil market remains largely rangebound, and without any fresh catalyst, we will likely have to wait for clarity around OPEC output policy to break out of this range. The market also appears increasingly numb to developments on the geopolitical front, likely due to the large amount of spare capacity OPEC is sitting on,” Warren Patterson, head of commodities strategy at ING, was quoted as saying by a news agency.

Leveraging the recent drop in oil prices, the U.S. administration revealed last week its acquisition of 3.3 million barrels of oil at $79.38 per barrel. This move aims to replenish the Strategic Petroleum Reserve, depleted after a substantial sale in 2022.

Additionally, market momentum last week stemmed from indications of decreasing inflation in the U.S., fostering anticipation of potential interest rate reductions. Such cuts might devalue the dollar, potentially reducing oil costs for holders of alternative currencies.