GLOBAL oil prices retreated on Monday, with Brent crude slipping below US$104 a barrel and US crude falling below US$91, as investors weighed persistent supply risks in the Middle East against signs of increased crude exports and other developments that could ease pressure on energy markets.
The pullback came despite renewed Houthi attacks on Riyadh’s King Khalid International Airport on Sunday, a day after an earlier strike killed at least 12 people and injured more than 300.
The attacks have raised the prospect of further US involvement alongside Saudi Arabia against the Iran-backed militants in Yemen, while a drone strike on a tanker near Oman’s Sohar anchorage over the weekend underscored continuing security risks near the Strait of Hormuz, a critical global oil transit route.
Market sentiment also took account of US President Donald Trump’s announcement that Russia and Ukraine had agreed to an “energy ceasefire” that would take effect immediately.
In the United States, the Department of Energy approved an emergency exchange involving up to four million barrels of crude from strategic reserves to help mitigate supply disruptions caused by Hurricane Isaias.
Meanwhile, the US Dollar Index was trading at around 102.10 on Monday, down about 0.1 per cent from the previous session, according to market data.
The dollar index had declined about 2.7 per cent over the preceding four weeks, although it remained up roughly 2.9 per cent over the past 12 months.
The US dollar also weakened against the ringgit, with the USD/MYR exchange rate falling 0.09 per cent to RM4.0823.
However, the ringgit had weakened about 0.35 per cent against the US dollar over the past month, while gaining approximately 3.42 per cent over the preceding 12 months.
Economic forecasts places the US Dollar Index at 101.813 by the end of the current quarter and 100.465 in one year. The USD/MYR exchange rate was projected at RM4.0683 by quarter-end and RM4.0119 in one year.
The projections reflect model-based estimates and analysts’ expectations, rather than guaranteed market outcomes. - October 12, 2026