GLOBAL crude prices held firm above US$90 per barrel on Thursday following gains in the previous session, as energy traders evaluated signs of rebounding Middle East oil shipments against an unresolved diplomatic deadlock between Washington and Tehran.
Regional crude exports approached pre-conflict levels after Saudi Arabia successfully restored half the operating capacity of its critical East-West pipeline. Simultaneously, maritime transit volumes through the Strait of Hormuz recovered to 13.2 million barrels per day.
However, market sentiment remains cautious regarding the sustainability of supply flows without a formal peace accord to end the war with Iran, as both Washington and Tehran maintain competing claims of total jurisdiction over the strategic maritime bottleneck.
Iranian government spokesperson Fatemeh Mohajerani confirmed that Tehran has received a formal proposal from the United States concerning the potential reopening of the waterway. In parallel supply developments, the OPEC+ alliance is widely anticipated to maintain current November production quotas without adjustment during its upcoming weekend policy meeting.
In global currency markets, the US dollar index traded marginally lower at 101.497 on Thursday, reflecting a 0.01 per cent decline from the prior session. The index experienced broader downward pressure on Wednesday, slipping to 101.1 after softer inflation metrics strengthened market expectations that the Federal Reserve will hold interest rates steady at its October meeting.
The headline US Personal Consumption Expenditures (PCE) price index rose 0.3 per cent month-on-month, while core PCE — which excludes volatile food and energy costs — increased by 0.2 per cent. Consumer spending demonstrated notable resilience, with American households maintaining expenditure on motor vehicles, home furnishings, and apparel despite elevated energy prices.
Economic output figures were also revised upward, with second-quarter US GDP growth upgraded to 2.2 per cent from an initial 1.5 per cent estimate alongside revisions to first-quarter performance. September corporate hiring numbers pointed to underlying economic stability, with non-farm payrolls projected to expand by 90,000 in Friday's employment report.
Financial models forecast the US dollar index to settle at 100.952 by the close of the current quarter and 99.244 over a 12-month horizon.
On foreign exchange markets, the USD/Ringgit exchange rate nudged up to 4.0880 on Thursday, representing a 0.18 per cent increase from Wednesday's closing level of 4.0817.
Over a monthly period, the Ringgit has depreciated 1.07 per cent against the greenback, though it maintains a 2.79 per cent gain compared to the same period last year. Analyst consensus targets the USD/MYR cross at 4.07329 by quarter-end and 4.00117 in one year. - October 1, 2026
