OIL prices remained under pressure on Tuesday, hovering near their lowest levels since late August amid renewed hopes of a diplomatic breakthrough in the Middle East conflict, while the ringgit strengthened marginally against the US dollar.
Brent crude traded near US$92 a barrel after plunging almost 6 per cent in the previous session, while West Texas Intermediate (WTI) crude hovered around US$86 after losing more than 4 per cent.
The declines followed US President Donald Trump's expression of optimism over a possible resolution to the conflict, citing "momentum toward an end" after meeting Qatar's prime minister.
However, geopolitical risks remained elevated, with reports of another US strike on Iran's Qeshm Island, continued attacks on tanker vessels in the Strait of Hormuz and clashes involving Saudi Arabia and Iran-backed Houthi forces.
US Secretary of State Marco Rubio also tempered expectations of progress in negotiations, while Congressional Democrats were reportedly considering using the Dec 11 government shutdown deadline to pressure Trump into ending the conflict.
Investors are also awaiting monthly oil market assessments from the US Energy Information Administration, OPEC and the International Energy Agency for fresh indications of global supply and demand.
On the currency front, the US Dollar Index fell 0.59 per cent to 101.690 on Monday, reversing part of its previous session's gains.
The greenback came under pressure amid declining oil prices and a loss of momentum in the artificial intelligence-driven market rally, while investors awaited this week's US consumer price index and producer price index releases for fresh clues on inflation and the Federal Reserve's monetary policy outlook.
The US dollar also weakened against several major currencies, recording its steepest losses against the Australian dollar, euro and British pound.
Against the ringgit, the US dollar slipped 0.03 per cent to 4.0574 on Tuesday, from 4.0587 previously.
The ringgit has strengthened 0.68 per cent against the greenback over the past month and gained 1.97 per cent over the past 12 months. - November 10, 2026
