CRUDE oil prices fell on Monday as diplomatic efforts to end the US-Israel war on Iran offered some relief to markets, easing prices from recent highs despite Tehran's warnings of retaliation against any renewed attacks.
Brent crude declined towards US$111 a barrel, retreating from four-year highs, while US crude fell towards US$102 after reaching multi-week highs.
Qatari and Iranian officials continued discussions for a third consecutive day in an effort to reach an agreement to end the conflict ahead of this week's US midterm elections.
Iran has repeatedly warned that any fresh attacks would prompt retaliatory strikes against US and Israeli targets in neighbouring countries.
US President Donald Trump said Washington would not launch further attacks on Iran before the elections, citing progress in negotiations with Tehran, although he has not ruled out military action afterwards.
Adding to the market's supply outlook, OPEC+ agreed over the weekend to maintain its existing production targets through December as the group continues to assess global oil supply and demand conditions.
On the currency front, the ringgit weakened 0.07 per cent against the US dollar to 4.0610 on Monday.
The US Dollar Index, which measures the greenback against a basket of major currencies, rose 0.09 per cent to 101.969.
The USD/MYR exchange rate was 0.61 per cent higher over the past four weeks, although it remained 3.30 per cent lower over the past 12 months, indicating that the ringgit had strengthened against the dollar over the longer period. - November 2, 2026
