UNITED STATES – Global oil prices plummeted as Brent crude fell more than 1% to about USD 115 per barrel, retreating from its high closing level since April 2026. Investors remained concerned about the risk of renewed conflicts between the United States and Iran, which may jeopardise Middle Eastern oil supply and maritime routes. Meanwhile, markets were anticipating impending central bank decisions that might impact global economic growth and energy consumption. Despite the reduction, oil prices remained high, which might have an impact on refinery operating costs, industrial transportation charges, and traditional base oil pricing, as well as the competitiveness of re-refined base oils (RRBO).
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(Source: Bloomberg; The Edge Malaysia)