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Oil prices notched modest gains Wednesday as Middle East tensions simmered, but forecasters' downward revisions to global demand outlooks capped the rally. Brent crude rose to US$88.98 a barrel.
Shell's first-half earnings jumped 70 per cent to US$16.75 billion, driven by volatile oil markets and strong trading performance during Middle East tensions. The energy giant benefited from crude price swings despite operational disruptions.
Crude oil prices slumped roughly 5% to their lowest point in two weeks following a temporary halt in hostilities between the United States and Iran, offering glimmers of hope for diplomatic resolution despite entrenched positions on both sides.
Malaysia's stock market weakened as crude oil prices surged past US$100 per barrel amid Middle East conflict concerns, pushing the FBM KLCI toward a 10-day low despite gains in energy-linked counters.
The FBM KLCI gained modestly as oil prices rallied overnight, but investor hesitation persists amid concerns over technology sector spending and potential Federal Reserve hawkishness next week.
Oil markets jumped Friday as US-Iran military exchanges intensified and Iran signalled the Houthis to prepare blocking the Red Sea, threatening global crude supplies amid already fragile geopolitical conditions.
Malaysia will not revise its Budget 2027 fiscal projections for now despite higher oil prices increasing subsidy costs by RM40 billion, Deputy Finance Minister Liew Chin Tong told Parliament, citing offsetting petroleum revenue gains.
Malaysia's Economy Minister Akmal Nasrullah has cautioned businesses and the public to prepare for economic shocks stemming from Iran's renewed closure of the Strait of Hormuz following recent US military strikes.