Ceasefire pulls oil off war highs
Global commodity markets showed signs of stabilisation following easing geopolitical tensions after the United States signalled a temporary halt in hostilities involving Iran.
Crude oil prices retreated from recent highs, with benchmark Brent settling at USD94 per barrel, slipping below triple-digit levels. Similarly, crude palm oil (CPO) prices softened to around RM4,500 per metric tonne.
Despite the pullback, both commodities demonstrated resilience by holding above key support levels of USD94 per barrel for Brent and RM4,430 per metric tonne for CPO.
Market observers expect prices to remain supported in the near term, with the potential to retest resistance levels of USD114 per barrel for crude oil and RM4,890 per metric tonne for CPO.
The outlook suggests a tactical opportunity for investors to accumulate positions in commodity-related equities, particularly those underpinned by strong earnings prospects and exposure to higher realised prices.
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