Prime Minister Datuk Seri Anwar Ibrahim said Malaysia will adopt necessary policies as global economic instability deepens and crude oil prices jump sharply in early May 2026. [1]
Anwar said international conditions in May are far more difficult than they were in February, when crude stood at US$70 a barrel at the end of the month. He said prices have climbed to US$115 a barrel, and that the rise shows how economic uncertainty is being felt worldwide. [1]
He said the increase is feeding through supply chains and production, with shortages including phosphate and higher diesel prices. [1]
The surge has also hit benchmark markets. Brent crude was trading around US$111 a barrel and West Texas Intermediate around US$105 in early May. Brent briefly rose to US$126, its highest level since Russia's 2022 invasion of Ukraine. [1]
Prices had briefly fallen below US$100 a barrel in April before rebounding after attacks near the Strait of Hormuz. Brent has climbed about 50% since March amid sustained geopolitical risks. [1]
Anwar did not give a timetable for the policy response, but said Malaysia will act to address the external shock as energy markets remain volatile. [1]
