Iran grants Malaysian vessels passage through Strait of Hormuz amid energy crisis

WEB DESK: Malaysian Prime Minister Anwar Ibrahim has confirmed that Tehran has granted “early clearance” for Malaysian ships to transit the Strait of Hormuz, providing a crucial reprieve as tensions between Iran, the United States, and Israel continue to strain global energy supplies.

In a televised address on Thursday, Anwar expressed his gratitude to Iranian President Masoud Pezeshkian for the diplomatic concession.

The strategic waterway, which normally handles around 20pc of the world’s oil and liquefied natural gas (LNG), had been effectively closed by Tehran following escalating regional hostilities, according to Al Jazeera.

“We are in the process of securing the release of the Malaysian oil tankers and the workers involved so they can continue their journey home,” the Prime Minister said.

While he did not disclose the exact number of vessels affected or the full terms of the agreement, the move marks a significant diplomatic breakthrough for Kuala Lumpur.

Domestic measures to curb energy crunch

Despite this progress, the Malaysian government is taking steps to shield the domestic economy from the volatility of global energy markets.

Although Malaysia is a net energy exporter through its state-owned firm Petronas, it still imports nearly 70% of its crude oil from the Gulf region.

To manage the “energy crunch,” Mr. Anwar announced several domestic measures. These include a reduction in individual monthly quotas for subsidised petrol, the gradual and selective implementation of work-from-home arrangements for civil servants to lower national fuel consumption, and leveraging Petronas’s capacity to maintain a relatively strong energy security position compared with many international peers.

The government, which has a long-standing policy of non-alignment, has not commented on whether the “early clearance” indicates any change in its diplomatic stance toward the ongoing regional conflict.