“PETRONAS is looking at various plans to find alternative sources if gas or oil could not sail through the Strait of Hormuz which has an ongoing conflict. Prior to the Iran conflict, Brent crude oil was trading at approximately US$70 to US$73 per barrel. After the Strait of Hormuz was closed, Brent crude oil spiked to above US$100 pre barrel. On March 19, Brent crude briefly rose above US$119 per barrel before retreating to US$108.65 that day. The Strait of Hormuz is the only sea passage from the Gulf, making it the world’s most strategically vital checkpoint.

Source: The Star March 22, 2026 04:52 UTC