In-depth reporting on Malaysia and the region.
Oil prices posted modest gains Wednesday as Middle East tensions and shipping disruptions supported markets, but forecasters trimmed 2026 demand outlooks, capping gains and signalling prolonged economic uncertainty.
Crude oil futures gained more than 1% on Tuesday as negotiations between the U.S. and Iran deteriorated over compensation claims, dimming hopes for a swift resolution to regional tensions affecting global energy supplies through the critical Strait of Hormuz.
Shell's underlying earnings jumped 70 per cent to US$16.75 billion in the first half of 2024, capitalising on extreme oil market volatility triggered by regional tensions and trading opportunities.
OPEC+ will hold its Joint Ministerial Monitoring Committee meeting on Sunday to determine September oil production levels. Seven member states implementing voluntary cuts are expected to raise production targets by 188,000 barrels daily.
Donald Trump has escalated rhetoric against Iran, declaring the US will destroy an Iranian bridge or power plant for each attack on ships transiting the Strait of Hormuz, despite a June ceasefire framework.