Iran keeps the Strait of Hormuz closed until Washington meets its demands, with Brent near US$100
Iran says the Strait of Hormuz stays closed and talks stay suspended until the US meets its demands, relayed through Qatar (OilPrice.com, Trading Economics, roic.ai). The conditions reported include an end to fighting on all fronts including Lebanon, release of frozen assets and the lifting of the US blockade of Iranian ports. WTI closed Friday at US$91.11, down 1.90%. Brent was around US$101 in the reports seen.
About a fifth of the world’s oil passes through the strait. A long closure keeps crude expensive and lifts shipping and insurance costs for importers.
Malaysia exports oil and gas, but many goods and fuels still follow global prices. Watch the cost of diesel and airfares.
Iran presents the closure as leverage after the US blockade of its ports.
The US and its allies call the closure an illegal blockade of a vital shipping lane.
Oil is the biggest swing factor for the ringgit and Petronas this week. Watch for any US reply to the demands.
DailyDrop Malaysia edition No. 1 · Morning · MON., OCT. 5, 2026