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.