# Ringgit falls as oil slumps due to Suez Canal blockage

> The ringgit weakened toward 4.144 per dollar, a four-month high for the greenback, as crude oil fell after the Suez Canal blockage stalled tanker traffic. Brent slipped to about $63.34 and WTI to about $59.94 amid renewed Covid-19 lockdown concerns.

- Date: 2021-03-26 · published 2021-03-26T12:00:00.000Z
- Category: logistics · region Malaysia · magnitude medium
- Page: https://feedsoft.ai/events/48388-ringgit-falls-as-oil-slumps-due-to-suez-canal-blockage
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Crude weakness and Suez disruption shape freight and energy costs for feed ingredients, and a weaker ringgit adds to pressure on Malaysian palm oil economics.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- USDMYR: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-09-16 | [WTI falls near $100 as Saudi adds Oman route, US stocks surge — Octa](https://feedsoft.ai/events/17632-wti-falls-near-100-as-saudi-adds-oman-route-us-stocks-surge-octa.md) | -10.2% | -10.9% |
| WTI | 2020-03-26 | [U.S. ethanol plants cutting output due to crashing demand](https://feedsoft.ai/events/54131-u-s-ethanol-plants-cutting-output-due-to-crashing-demand.md) | -7.5% | -25.7% |
| WTI | 2020-04-21 | [Cushing storage hub constraints key to historic WTI crude oil price collapse](https://feedsoft.ai/events/53813-cushing-storage-hub-constraints-key-to-historic-wti-crude-oil-price-collapse.md) | -32.4% | +73.9% |
| WTI | 2017-08-31 | [US oil set for biggest monthly loss in over a year as floods hit demand](https://feedsoft.ai/events/69602-us-oil-set-for-biggest-monthly-loss-in-over-a-year-as-floods-hit-demand.md) | +6.8% | +12.3% |
| WTI | 2018-04-20 | [CP talks said stagnating as strike deadline looms - AgCanada](https://feedsoft.ai/events/65530-cp-talks-said-stagnating-as-strike-deadline-looms-agcanada.md) | -0.2% | +4.7% |
| BRENT | 2020-05-22 | [Suez Canal suffers double blow from pandemic, collapse of oil prices \| Mohamed Hammad \| AW](https://feedsoft.ai/events/53022-suez-canal-suffers-double-blow-from-pandemic-collapse-of-oil-prices-mohamed.md) | -1.9% | +19.3% |
| BRENT | 2023-03-20 | [European diesel tightens, crude weakens as French refinery outages linger](https://feedsoft.ai/events/37028-european-diesel-tightens-crude-weakens-as-french-refinery-outages-linger.md) | +3.2% | +18.3% |
| BRENT | 2017-08-30 | [Oil prices continue downward trend triggered by Harvey - UPI.com](https://feedsoft.ai/events/69605-oil-prices-continue-downward-trend-triggered-by-harvey-upi-com.md) | +3.3% | +14.1% |

## Sources

- themalaysianreserve.com: https://themalaysianreserve.com/2021/03/26/ringgit-falls-as-oil-slumps-due-to-suez-canal-blockage/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.