Oil prices steadied today amidst political uncertainty in key oil-producing nations. The sudden death of Iran’s president Ebrahim Raisi and the cancellation of Saudi Arabia’s crown prince’s trip to Japan, citing the king’s health concerns, fueled the market’s unease.

The Brent Crude Oil futures was down by 0.12 per cent to trade at 83 dollars and 88 cents and West Texas Intermediate was lower too by 0.32 per cent at 79 dollars and 8 cents, when the reports last came in.