CIMB analysts Chew Khai Yen and Michelle Chia say rising oil will pass through to fuel-related costs and lift near-term inflation, but September headline CPI is expected around 1.9-2.0%. Softer core inflation and a muted broader inflation outlook support CIMB’s view that Bank Negara Malaysia will keep the overnight policy rate at 2.75% at its November meeting.

U.S. retail diesel averaged $6.505 per gallon as of Saturday, the first time above $6.50 and a fresh record, continuing a war-driven rally that is spilling across the economy. AAA data show diesel has accelerated since September, rising more than $0.87 month-to-date with almost daily gains and now well above the 2022 peak; it crossed the $6.00 mark less than 10 days ago.

Turkish Foreign Minister Fidan said on Sept 19 Turkey is prepared to provide assistance to Saudi Arabia under the Makkah Joint Defense Agreement following recent attacks by Yemen’s Houthi militants. He said the agreement’s signatories are monitoring the attacks and that Saudi military needs may be concentrated in technical areas Turkey can meet. Saudi Arabia, Turkey and Pakistan signed the Makkah Joint Defense Agreement on Aug 7; the pact states an armed attack on any party will be treated as an attack on all.