Malaysia Sees Two-Year Oil Price Linger Amid Geopolitical Tensions

The global fuel situation remains fluid due to geopolitical tensions and disruptions to key shipping routes. Nurhisham Hussein, the prime minister's economic adviser in Malaysia, said that despite lower global supply levels, the country's fuel supplies are secure through the end of the year.

Nurhisham noted that global oil prices are expected to remain elevated amid continuing geopolitical tensions. He expects countries to rebuild their oil reserves only when prices return to around $80 per barrel, which could take two to three years.

The adviser also highlighted the impact of the West Asia conflict on global oil supplies, citing the continued attacks between the United States and Iran. Nurhisham said that the depletion of reserves would eventually remove one source of supply, adding to uncertainty in the global energy market.