OIL prices extended their decline for a fourth consecutive session on Monday, with Brent crude falling below US$103 a barrel as hopes of easing Middle East tensions reduced concerns over prolonged disruption to regional energy supplies.
The retreat in crude prices could ease pressure on Malaysia’s fuel and energy costs, while the ringgit also strengthened against the US dollar, providing another factor for domestic energy prices.
US President Donald Trump said he would “probably” be open to meeting Iranian President Masoud Pezeshkian on the sidelines of the United Nations General Assembly in New York this week, while he may also meet other Persian Gulf leaders.
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani urged Gulf states to cooperate in restoring stability across the region, saying messages were being exchanged between the United States and Iran.
The conflict remains ongoing, however, with markets continuing to monitor developments around the Strait of Hormuz, a critical route for global oil and liquefied natural gas shipments.
US Central Command chief Admiral Brad Cooper said oil and LNG shipments through the Strait over the past two weeks had reached their highest level in six months, pointing to an improvement in energy flows despite continuing regional tensions.
Brent crude fell below US$103 a barrel on Monday, while US crude dropped below US$99, extending its four-session losing streak.
In currency markets, the US Dollar Index was little changed at around 100.24, up about 0.02% from the previous session. The dollar has gained about 1.26% over the past month and 2.99% over the past year.
The Malaysian ringgit strengthened 0.15% against the US dollar to 4.0775 on Monday. However, it has weakened 0.86% over the past month while gaining 2.97% over the past 12 months.
The ringgit is expected to remain cautious and trade between about 4.06 and 4.09 against the US dollar as markets monitor US Federal Reserve interest-rate policy and upcoming US-China talks.
Trump is also scheduled to hold a summit with Chinese President Xi Jinping, adding another key focus for markets this week. - September 21, 2026
