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Malaysia faces potential fuel subsidy costs of RM3.5 billion monthly if crude oil prices hold at US$90 per barrel. Deputy Finance Minister Liew Chin Tong says the government's fiscal position remains resilient despite rising energy costs.
Escalating tensions in the Gulf region sent shockwaves through Asian financial markets on Monday, weakening regional currencies and triggering a sharp 8% decline in South Korea's KOSPI index as oil prices surged and inflation concerns resurfaced.
Malaysia's energy supply remains secure despite geopolitical tensions in the Strait of Hormuz, Deputy PM Datuk Seri Fadillah Yusof confirmed, though volatile global oil prices continue to present economic challenges.
Asia Pacific offshore spending has stabilised following West Asian tensions, with Southeast Asia projected to increase greenfield capital expenditure by 12 per cent to exceed US$100 billion, signalling renewed confidence in regional energy development.
U.S. President Donald Trump has ordered an investigation into major oil companies, citing slow declines in gasoline prices amid growing scrutiny over the Middle East war's economic effects.
Asian stock markets retreated on Monday as geopolitical tensions in the Middle East and expectations of higher U.S. interest rates prompted investors to reassess risk positions, though some regional bourses showed resilience.
Oil prices edged higher Friday as doubts surfaced over a newly signed US-Iran peace agreement, with cancelled talks in Switzerland and intensifying Israeli military operations in Lebanon fuelling market uncertainty.
A memorandum of understanding between the US and Iran could help stabilise global oil prices and reopen shipping lanes through the Strait of Hormuz, Malaysia's finance ministry said, though full market recovery may take several months.
Oil prices dropped more than 2% after the US and Iran signed a ceasefire agreement, with expectations that sanctions relief will boost crude supplies and reopen the Strait of Hormuz to shipping traffic.