Brent: Brent oil prices closed at US$90.4 per barrel (bbl) and trended below the US$90.0/bbl threshold on Friday's open on renewed optimism over a potential Iran deal (US$1=RM4.05).

According to BERNAMA News Agency, CIMB Investment Bank Bhd noted that the performance is on track for a second weekly decline. This follows United States (US) President Donald Trump's reversal of a planned Iran strike and indication that an Iran deal was close, with assurances that Iran would not pursue a nuclear weapon under the accord.

CIMB further highlighted that volatility is likely to persist, as Tehran has yet to approve the text of any agreement. The Organization of the Petroleum Exporting Countries (OPEC) also cut its 2026 oil demand growth forecast to 970,000 bbl per day, despite a May output fall of 190,000 bbl per day, which keeps near-term supply tight amid softer demand.