Oil Prices May Surge Amid Middle Eastern Supply Disruptions

Industry estimates suggest that oil prices in the Philippines may increase by P4.50 to P5 per liter for diesel and P4 to P4.50 per liter for gasoline next week.

The potential price hike is attributed to recent supply disruptions in the Middle East, where the country sources a majority of its crude oil supplies.

Jetti Petroleum president Leo Bellas stated that the resumption of hostilities between the United States and Iran over mining in the Strait of Hormuz has heightened concerns over further energy flow disruptions.

Bellas also noted that global diesel markets are on edge due to refinery disruptions around the world, which have squeezed already-tight inventories.