The ringgit started the week trading almost unchanged against the US dollar, as global market sentiment continued to be influenced by investors' flight to safety.
At 9:48am, the ringgit was at 3.9500 against the US dollar, flat since it opened early Monday in Asian trading.
Amid heightened geopolitical uncertainty, the US currency remains the preferred hedge, thus constraining the ringgit's movements.
Pressure on the local currency was also driven by a sharp jump in global crude oil prices.
West Texas Intermediate (WTI) crude oil rose 7.29% to $89.96 per barrel, while Brent jumped 6.07% to $95.87 per barrel.
The gains came on the back of ongoing tensions in the Middle East, particularly after the Strait of Hormuz was closed again shortly after Iran announced its opening on Saturday, sparking fresh concerns in global energy markets.
Meanwhile, the US Dollar Index (DXY) also rose 0.19% to 98.282 points, reflecting the currency's continued strengthening amid cautious investor sentiment.
This situation is expected to continue to put pressure on the ringgit, which is likely to remain weak in the near term.
Uncertainty is also heightened by the two-week ceasefire period coming to an end.
The market is now focused on whether diplomatic talks can be extended or not.
If they fail, the risk of greater tensions has the potential to destabilize global financial markets more significantly.
Despite facing pressure against the US dollar, the ringgit has outperformed several other major currencies.
The local currency strengthened against the pound to 5.3289/3397 from 5.3454/3508 last Friday.
It also rose against the euro to 4.6412/6506 from 4.6588/6635 and rose against the Japanese yen to 2.4832/4884 from 2.4838/4865.
Regionally, the ringgit was mixed against its ASEAN peers.
The ringgit strengthened slightly against the Singapore dollar to 3.1033/1100 from 3.1053/1086 last Friday.
However, it depreciated against the Thai baht to 12.3096/3418 from 12.3084/3274 and also weakened against the Indonesian rupiah to 229.9/230.4 from 229.8/230.1.
Meanwhile, the ringgit remained unchanged against the Philippine peso at 6.58/6.60 from 6.58/6.59 previously.
