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Oil prices climbed slightly Wednesday as Middle East shipping attacks persisted, though gains remained modest after major forecasters lowered their 2026 demand projections amid faltering US-Iran ceasefire talks.
Malaysia will host Maritime Week 2026 from September 28 to October 2 at KLCC, bringing together over 1,000 maritime policymakers and industry leaders to discuss decarbonisation, energy transition and digital transformation in the shipping sector.
US Vice President JD Vance has stated that Washington expects Iran to restore oil and gas exports to pre-conflict levels and guarantee the safe passage of commercial shipping through the Strait of Hormuz, while monitoring Iranian commitments closely.
Iran and Oman are finalizing a new agreement governing commercial shipping through the strategically vital Strait of Hormuz, marking a departure from decades-old practices as potential US negotiations loom.
ASEAN shipowners are pursuing the region's first Protection and Indemnity insurance club to reduce costs and collectively manage risk, with Malaysia's Mohamed Safwan Othman leading the three-year initiative amid rising premiums from Western insurers.