GLOBAL oil prices remained under pressure on Wednesday, with US crude trading near US$86 a barrel and Brent below US$92, as signs of easing tensions between Washington and Tehran raised hopes of a possible diplomatic settlement.
US President Donald Trump suggested that further military strikes against Iran might no longer be necessary, reinforcing expectations of de-escalation after weeks of conflict.
The US benchmark has fallen nearly 20 per cent from its late-October peak, while Brent has declined more than 20 per cent over the same period, reversing much of their earlier gains.
The price retreat has also been supported by the recovery of Middle Eastern oil shipments to almost prewar levels, despite continued attacks on vessels in the Strait of Hormuz.
However, uncertainty remains as Iran is demanding relief from US sanctions and the naval blockade before agreeing to peace talks.
Meanwhile, the US dollar strengthened amid expectations that the Federal Reserve could maintain a more aggressive monetary tightening path following higher-than-expected inflation figures and hawkish remarks by policymakers.
US consumer prices rose 0.4 per cent in October, above market expectations of 0.3 per cent, while core inflation increased 0.3 per cent for the third consecutive month, also exceeding forecasts.
Fed Governor Christopher Waller warned that a 50-basis-point rate increase in December might be necessary, while Dallas Fed President Lorie Logan supported at least two further 25-basis-point increases.
Markets have priced in an approximately 88 per cent probability of a 25-basis-point hike at the Fed's next meeting, with further increases in January and potentially April also being considered.
The US dollar index stood at 102.211 on Tuesday, up 0.55 per cent from the previous session.
In the domestic foreign exchange market, the ringgit weakened against the US dollar, with the exchange rate reaching 4.0660 on Wednesday, up 0.26 per cent from the previous session.
The currency's movement reflected a firmer US dollar, although the ringgit had gained 0.62 per cent against it over the past month and 1.83 per cent over the past 12 months, according to the figures provided. - November 11, 2026
