BRENT crude held above US$102 a barrel on Thursday after rebounding in the previous session, as uncertainty over progress in US-Iran talks continued to support oil prices.
Iranian President Masoud Pezeshkian told the United Nations General Assembly that Tehran would not bow to threats and would not give up its right to develop nuclear technology for economic development.
Pezeshkian also said Iran would not allow freedom of navigation through the Strait of Hormuz as long as sanctions and a US blockade remained in effect.
In the United States, Energy Secretary Chris Wright said the Trump administration was working with refiners on a voluntary reduction in US diesel exports as an alternative to imposing a formal ban on overseas shipments.
Meanwhile, Saudi Arabia is taking steps to resume oil exports through its key East-West pipeline, while Ukrainian President Volodymyr Zelenskyy said he and US President Donald Trump had discussed an energy ceasefire.
The US dollar also strengthened, with the dollar index rising more than 0.4% to above 101 on Wednesday and reaching an eight-week high after data showed US business activity expanding at its fastest pace in more than five years.
The S&P Global flash US Composite PMI rose to 58.4 in September, its strongest reading since July 2021, indicating a sharp acceleration in economic activity.
Markets were also pricing in a nearly 60% chance of another 25-basis-point Federal Reserve rate increase next month following last week’s increase, while the probability of another move in December stood at around 48%.
The US dollar index was trading at 101.153 on Thursday, Sept 24, up 0.01% from the previous session. It has gained 2.26% over the past four weeks and 2.64% over the past 12 months.
Against the Malaysian ringgit, the US dollar was trading at RM4.0941, up 0.35% from the previous session.
The US dollar has gained 1.30% against the ringgit over the past month, although it remains 2.88% lower over the past 12 months.
Analyst expectations project the US dollar at RM4.0799 by the end of the quarter and RM4.0107 in one year.
Investors remain focused on US-Iran negotiations, developments around the Strait of Hormuz and efforts to restore disrupted oil supply, while monitoring the implications of stronger US economic data for Federal Reserve policy. - September 24, 2026
