Malaysia's deputy finance minister said if crude oil is $90/bbl, monthly subsidies would amount to 2.0 bln ringgit for RON95 petrol and 1.5 bln ringgit for diesel.

IEA Executive Director Fatih Birol said recent hostile actions against energy infrastructure around the Strait of Hormuz, and rising threats to the Bab el-Mandeb transit route, are increasing global supply-security risks and market uncertainty. He noted the oil market remains supported by buffers: Gulf exporters including Saudi Arabia and the UAE are using alternative routes and some crude still transits Hormuz; IEA estimates Gulf exports are below late‑June peaks but well above March–mid‑June levels. Increased exports from the US, Brazil, Venezuela and Kazakhstan have partly offset Gulf shortfalls, China has cut crude imports by nearly 50%, and since the March 11 announcement of a 400 mln-barrel coordinated release IEA members have supplied about 290 mln barrels, with ongoing emergency stock releases continuing to support the market.

Canada's prime minister Carney spoke with U.S. President Trump on Tuesday and they agreed to intensify negotiations.