U.S. President Donald Trump delivered strong remarks on April 2, further escalating tensions in the Middle East and triggering noticeable volatility in global oil markets.
According to data from S&P Global, Brent crude spot prices surged to as high as USD141.36 per barrel, marking the highest level since the 2008 financial crisis. At the same time, U.S. West Texas Intermediate (WTI) crude futures also recorded significant gains, briefly surpassing USD110 per barrel amid heightened market fluctuations.
Market data also showed that European diesel futures climbed sharply, reaching above USD1,493 per tonne, reflecting tightening short-term global energy supply. Analysts noted that rising geopolitical risks have driven traders to accelerate crude purchases, further pushing up oil prices.
As global oil prices rise, fuel costs have increased significantly across many countries, with petrol prices in some regions reaching USD1.5 to USD2 per litre. This has led to higher transportation and food costs, placing growing pressure on daily living expenses.
In contrast, fuel prices in Malaysia have remained relatively stable. RON95 petrol continues to stay below RM4 per litre (approximately RM2.05), supported by government subsidy mechanisms that help maintain a more controlled cost of living.
Amid rising global inflationary pressures, analysts believe that countries with lower living costs and stable price structures are gaining increased attention. Malaysia, with its stable fuel prices and relatively affordable cost of living, is seen as one of the countries able to sustain a higher level of living affordability under current global conditions.
