Oil price surge threatens to raise costs for Malaysia as Brent hits five-month high

RISING global oil prices threaten to add pressure to Malaysia's fuel, transport and business costs as renewed attacks on Saudi targets and reports of possible further US-Israeli strikes against Iran heighten concerns over energy supplies.

Brent crude traded around US$113 a barrel on Friday, near its highest level in more than five months, while US West Texas Intermediate (WTI) hovered around US$99 as markets weighed escalating geopolitical risks against signs that crude exports from the Persian Gulf were recovering towards prewar levels.

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