Speaking on national television, Anwar said he spoke with Iranian President Masoud Pezeshkian, as well as Egyptian and Turkish counterparts and other leaders in the Gulf region.

"We're now in the process of releasing the Malaysian oil tankers and the workers involved so that they can continue their journey home," Anwar said, thanking Pezeshkian.

Anwar added that, thanks to production by Malaysian petroleum giant Petronas, "We are in a far better position."

Petronas last year produced around two million barrels of oil a day, according to the latest company figures.

But Anwar warned that food supplies will be disrupted and that "prices will certainly rise".

"The same goes for fertiliser, and of course oil and gas," Anwar said.

He also announced a range of measures, including a reduction in the quota of subsidised fuel for Malaysian citizens and new diesel purchase limits in the eastern states of Sabah and Sarawak, as part of tighter controls to curb hoarding and smuggling of subsidised fuel.

On Wednesday, a Thai oil tanker has safely passed through the Strait of Hormuz following diplomatic coordination between Thailand and Iran, and was not required to pay to escape the blockade, a Thai official and the oil major that owns the vessel said.

The Bangchak Corporation-owned tanker crossed the strategic waterway on Monday after successful talks between Thai foreign minister Sihasak Phuangketkeow and Iran's ambassador to Thailand.

"I requested that if Thai ships need to pass through the strait, could they assist in ensuring safe passage?" Sihasak told reporters late on Tuesday.

"They responded that they would take care of it and asked us to provide the names of the vessels that would be transiting."

The US-Israeli war against Iran has effectively cut off the delivery of about ​one-fifth of the world's oil and liquefied natural gas passing ​through the Strait of Hormuz, causing widespread disruption.

Since the conflict began on February 28, Thailand has faced soaring transportation costs and lengthening queues at its gas stations, despite assurances from the government that supplies remain sufficient.

The safe transit for the Thai tanker comes two weeks after the Thailand-flagged bulk carrier Mayuree Naree was attacked by a projectile in the strait, causing a fire onboard and forcing the crew to evacuate.

Iranian and Omani authorities have reached the vessel, but Thailand is still awaiting information on the status of three missing crew members, according to the Thai foreign ministry.

Another Thai vessel, owned by SCG Chemicals, is also awaiting clearance to transit the strait, Sihasak said.

Popular

Govt mulls lifting deficit cap amid high oil price

Resilience in a rough world

Streets, screens and gavels: Indonesia’s new cycle of contention