KUALA LUMPUR (July 13): The government will continue to ensure adequate fuel supplies through end-December 2026 despite renewed tensions in West Asia following the latest exchange of attacks between the US and Iran, Economy Minister Datuk Seri Akmal Nasrullah Mohd Nasir said on Monday.

Domestic petroleum supply currently remains stable and sufficient to meet local demand, the minister said in a briefing on the global supply crisis. The government will continue to safeguard supply security through three ongoing measures — diversifying import sources, optimising domestic fuel production and strengthening long-term supply agreements, he said.

Tensions in West Asia have escalated following fresh attacks between the US and Iran since July 8, while Tehran has announced the closure of the Strait of Hormuz, although some commercial traffic continues to pass through the waterway.

The developments are expected to keep pressure on oil prices, transportation costs, shipping times and global raw material prices, said Akmal.

"The government is closely monitoring the situation to ensure any external shocks do not disrupt domestic supply, prices and business continuity," he added.

The average price of Brent crude — the primary benchmark of oil — rose 5.9% to US$73.94 per barrel between July 6 and 10, from US$69.82 previously. Brent was trading at US$77.44 per barrel at the time of writing on Monday.