Oil little changed after death of Iran's president, Saudi king's ill health

Iranian President , a hardliner long seen as a potential successor to Supreme Leader Ayatollah Ali Khamenei, was killed in a helicopter crash in mountainous terrain near the Azerbaijan border, officials and state media said on Monday.

Iranian oil policy should be unaffected by the president's sudden death, as Khamenei holds ultimate power with a final say on all state matters.

Separately, Saudi Arabian Crown Prince postponed his visit to Japan, scheduled to begin on Monday, because of a health issue with his father King Salman, said Japan's Chief Cabinet Secretary Yoshimasa Hayashi.

Saul Kavonic, an energy analyst at , said the market is already accustomed to Crown Prince Mohammed Bin Salman's leadership in the energy sector.

"Continuity in Saudi strategy is expected regardless of this health issue," he said.

Meanwhile in Europe, another Russian energy facility was hit. The Slavyansk , located in the Krasnodar region, was damaged after a weekend drone attack, state-run reported on Monday, citing a company official.

has reported a rise in Ukrainian attacks on its territory since its forces opened a new front in northeastern Ukraine's Kharkiv region earlier this month.

"The oil market remains largely rangebound and without any fresh catalyst we likely have to wait for clarity around OPEC+ output policy in order to break out of this range," said Warren Patterson, head of commodities strategy at .

The and allies, together known as OPEC+, are scheduled to meet on June 1.

"The market also appears increasingly numb to developments on the , likely due to the large amount of spare capacity is sitting on," Patterson said.