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Malaysia's stock market declined sharply as crude oil surged past $100 a barrel amid Middle East tensions, reversing recent momentum. The FBM KLCI headed toward a 10-day low with losses across most sectors, though energy stocks benefited from elevated oil prices.
Malaysia's fuel subsidies could balloon to RM3.5 billion monthly if crude oil prices remain around US$90 per barrel, though officials say the government's strong fiscal position can absorb the impact.
Renewed Middle East conflict sent oil prices surging 4%, weakening Asian currencies and triggering an 8% plunge in South Korea's KOSPI index. The ringgit slipped to 4.0780 per dollar as political uncertainty compounds regional jitters.
The United States is demanding a public Iranian pledge to halt attacks on commercial shipping through the Strait of Hormuz, as diplomatic talks resume amid the collapse of a ceasefire. Rising oil prices threaten global energy stability.
Donald Trump has instructed authorities to investigate major oil companies over persistently high petrol prices, amid mounting criticism of his administration's response to Middle Eastern conflict impacts.
Crude oil prices climbed Friday amid doubts over a US-Iran peace deal after talks were postponed and Israeli operations in Lebanon intensified, though the week still showed significant losses.
A US-Iran peace agreement offers potential relief for global oil markets, though price recovery will take months as logistics costs and supply disruptions unwind, according to Malaysia's Political Secretary to the Finance Minister.
Oil futures declined over 2% following a US-Iran ceasefire agreement that promises to reopen the Strait of Hormuz and lift sanctions on Iranian crude exports, offering markets relief from persistent supply constraints.