Oil prices extend slide as West Asia supply risks ease
OIL prices extended their four-session decline on Tuesday as improving supply flows from the Middle East and renewed diplomatic efforts to end the US-Iran war eased concerns over prolonged disruptions. Brent crude traded near US$100 a barrel, while c...
Oil prices have continued their decline, falling for four consecutive sessions, due to easing Middle East supply concerns and diplomatic efforts aimed at ending the US-Iran war. Brent crude traded near $100 a barrel, while crude oil reached around $92. Despite the conflict, supply through the Strait of Hormuz has remained steady, with Saudi Arabia sending about 2.9 million barrels of crude daily and a record number of supertankers at the country's Gulf export terminals.
US President Donald Trump is set to address the UN General Assembly in New York, potentially meeting Iranian President Masoud Pezeshkian and other world leaders. The US dollar has strengthened, with the Federal Reserve raising interest rates and the dollar index up 0.21%. This has pushed currencies like the euro and pound down, while the ringgit has weakened slightly but remains stronger over the past year.
The mixed implications for Malaysia include potentially lower energy costs due to reduced oil prices, but higher costs for dollar-denominated imports due to the stronger dollar.
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