Oil price rises above $95 mark as Middle East conflict escalates - The Guardian
Oil price rises above $95 mark as Middle East conflict escalates The Guardian
The Guardian · July 22, 2026 at 10:02 PM
KUALA LUMPUR, 23 JULY 2026 —
Oil prices have risen above $95 per barrel as conflict in the Middle East escalates. The increase in oil prices is attributed to the heightened tensions in the region, which has sparked concerns over potential disruptions to global oil supplies. The price surge was reported on July 22, according to The Guardian.
The rise in oil prices may have implications for Malaysia, a net oil importer. Details not yet available on how the Malaysian government plans to mitigate the impact of higher oil prices on the local economy. Malaysia's fuel prices are subsidized, and an increase in global oil prices could put pressure on the country's finances. The Malaysian government may need to consider measures to manage the impact of higher oil prices on consumers and businesses.