Oil prices extend four-session slide as Middle East supply risks ease

Oil prices continued their four-day decline on Monday, with Brent crude slipping below US$103 a barrel, potentially easing pressure on fuel and energy costs. The fall in oil prices could benefit Malaysia's fuel and energy expenses, as the local currency strengthened against the US dollar. US President Donald Trump expressed openness to meeting Iranian President Masoud Pezeshkian at the United Nations General Assembly in New York, and possibly other Persian Gulf leaders.

Despite ongoing tensions, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani called for Gulf states to cooperate in restoring stability. US Central Command reported a six-month high in oil and liquefied natural gas shipments through the Strait of Hormuz, indicating an improvement in energy flows. US crude oil prices also fell below US$99 a barrel, extending a four-session losing streak.

The US Dollar Index remained relatively stable at around 100.24. The Malaysian ringgit strengthened 0.15% against the US dollar to 4.0775 on Monday, although it has weakened over the past month and year. Markets will continue to monitor developments around the Strait of Hormuz and US-China talks.