04:55 AM EDT, 05/21/2024 (MT Newswires) -- Crude oil prices fell early Tuesday, but declines remained contained amid rising geopolitical tensions, ANZ Bank said in a Tuesday note.

Brent crude at last look traded 1% lower at US$82.89 per barrel and West Texas Intermediate crude was down 0.8% to US$79.16/b at last look early Tuesday. This comes after Iran's president died in a helicopter crash, shaking the Middle East political landscape, the bank noted.

Adding to geopolitical worries, there are also concerns about the health of Saudi Arabia's King Salman bin Abdulaziz. Also, an oil tanker heading to China was hit by a Houthi missile, while drone attacks on Russian oil refineries continue, ANZ Bank said.

Meanwhile, market watchers are turning their attention to supply from the Organization of the Petroleum Exporting Countries, which is scheduled to meet in June to decide whether to extend their voluntary output cuts. Expectations are growing that the cuts will be extended until the end of the year, but market tightness in the second half could prompt the producer group to consider slightly boosting output, the bank said.