OIL prices rebounded on Thursday amid renewed concerns over Middle East supply disruptions after a drone attack on Saudi Aramco’s Shaybah oil field killed two people, while the ringgit edged up against the US dollar.
Brent crude rose towards US$110 a barrel, while US West Texas Intermediate (WTI) crude approached US$98, recovering losses from the previous session as the attack heightened concerns over escalating regional tensions and potential threats to energy infrastructure.
The United States has also ordered some personnel and family members to leave its embassies in Saudi Arabia, underscoring growing security concerns in the region.
However, further gains in oil prices could be limited by recovering crude exports from the Middle East, with shipments approaching prewar levels. Saudi Arabia’s crude exports rose 7.9 per cent in August to their highest level since March.
Meanwhile, Ukraine launched large-scale drone attacks on Russian oil infrastructure this week, signalling Kyiv’s determination to prevent Moscow from expanding diesel exports under an agreement between US President Donald Trump and Russian President Vladimir Putin. Russia is also expected to deliver its first diesel shipment to the United States on Thursday.
The US dollar index held near 101.7 after recovering from three-week lows earlier in the week, supported by renewed safe-haven demand and concerns that rising oil prices could fuel inflation.
Markets are widely expecting the US Federal Reserve to keep interest rates unchanged next week, although traders are anticipating the possibility of a rate increase in December.
Against this backdrop, the ringgit strengthened marginally, with the US dollar trading at RM4.0799 on Thursday, down 0.03 per cent from the previous session’s RM4.0812.
The ringgit’s firmer performance came despite renewed upward pressure on oil prices, as investors weighed the potential impact of energy costs and geopolitical uncertainty on inflation, currency movements and the wider economic outlook. - October 22, 2026