Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the IEA proposal comes amid concerns that a closure of the Strait of Hormuz would compromise crude oil supplies.

“The situation largely depends on how long the military conflict continues. Hence, de-escalation is something the world needs at the moment,” he told Bernama.

At the time of writing, the price of Brent crude rose 4.24% to US$91.52 per barrel.

At 6pm, the local currency rose to 3.9175/3.9230 against the greenback from Tuesday’s close of 3.9200/3.9260.

At the close, the ringgit rose against the Japanese yen to 2.4719/2.4755 from 2.4859/2.4899 at Tuesday’s close, climbed against the British pound to 5.2545/5.2619 from 5.2744/5.2824, and was firmer against the euro at 4.5412/4.5475 from 4.5668/4.5738.

The local note also traded higher against most Asean currencies.

It edged up against the Singapore dollar to 3.0754/3.0800 from 3.0806/3.0855, gained against the Thai baht to 12.3386/12.3637 from 12.3941/12.4205, and was slightly higher against the Indonesian rupiah at 232.0/232.4 from 232.4/232.9. The ringgit climbed against the Philippine peso to 6.62/6.64 from 6.65/6.67 on Tuesday.