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Brent and WTI crude futures extended gains as geopolitical tensions around the Strait of Hormuz keep shipping routes uncertain. Collapsed peace talks and military escalation have prompted oil producers to seek alternative export routes.
Malaysia's FBM KLCI climbed on renewed energy sector strength as crude oil prices surged following Iran's attack on tankers in the Straits of Hormuz, with PETRONAS Chemicals and major banks leading the advance.
Malaysia's Economy Minister Akmal Nasrullah has warned the nation to prepare for significant economic impacts from Iran's renewed closure of the Strait of Hormuz, including rising oil and food prices, increased shipping costs, and widespread supply chain disruptions.
Malaysia's energy supply is secure despite geopolitical tensions in the Strait of Hormuz, Deputy Prime Minister Datuk Seri Fadillah Yusof said. However, volatility in global oil and gas prices continues to pose economic challenges.