The Malaysian Rubber Board (LGM) seized about four tonnes of illegal rubber gloves stored in sacks, along with a weighing scale, in a raid on a property in Puchong, Selangor, yesterday.

The U.S. dollar fell on Tuesday, as investors shunned the safe haven asset for risky equities, buoyed by hopes for progress in ceasefire talks between the U.S. and Iran despite an ongoing American naval blockade in the Persian Gulf. 

Oil prices reversed course to rise in Asian trade on Wednesday after the U.S. military said a naval blockade on Iran had been fully implemented, complicating hopes for more ceasefire talks. 

Asian stocks extended their rally on Wednesday, with technology shares tracking strong gains on Wall Street, while cautious optimism over a potential U.S.-Iran diplomatic breakthrough boosted broader risk sentiment.

Amid surging butadiene (BD) and acrylonitrile (ACN) prices, some rubber glove manufacturers in Malaysia are struggling to survive, with at least one manufacturer set to shut down its operations this month.

The Iran war threatens to stall Singapore’s growth momentum, with the Republic bracing for higher import costs and supply disruptions that are tempering earlier expectations for what could have been a promising year.