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GLOBAL crude oil prices extended their losses on Monday amid hopes of progress in negotiations between the United States and Iran, easing concerns over prolonged disruption to supplies through the Strait of Hormuz.
Brent crude fell towards US$97 a barrel, while US West Texas Intermediate (WTI) approached US$90, extending declines after both benchmarks plunged more than 13 per cent last week.
The latest market reaction followed US President Donald Trump’s statement that it was “highly unlikely” he would authorise further strikes on Iran if negotiations over its nuclear programme and the reopening of the Strait of Hormuz made significant progress.
Trump has also acknowledged that the unpopular conflict, which has driven up oil and petrol prices, contributed to the Republicans’ historic defeat in the midterm elections.
Expectations that Democrats would push for a swift resolution to the Middle East conflict had added to selling pressure on crude last week.
However, optimism over a possible diplomatic breakthrough was tempered by US Secretary of State Marco Rubio, who described Iran’s demands so far as unacceptable.
Geopolitical risks also remained elevated after Houthi attacks damaged a landmark building in Riyadh’s financial district and caused minor damage to offices belonging to Saudi Aramco.
In currency markets, the US Dollar Index (DXY) was around 102.21 on Nov 8, reflecting a marginal decline from the previous session. The index has gained about 2.6 per cent over the past 12 months.
The US dollar traded at around RM4.0587 against the ringgit on Nov 6, up 0.28 per cent from the previous session, although the Malaysian currency remained stronger by about 0.69 per cent over the past month and 2.81 per cent over the past year.
The easing in crude prices could offer some relief to oil-importing economies, including Malaysia, by moderating imported energy costs. However, developments in US-Iran negotiations and security risks around the Strait of Hormuz remain key factors for oil-market sentiment. - November 9, 2026
