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Commodities

Peso and Stocks Fall as Trump Rejects Middle East Peace Deal

Guavy AI Editorial Team
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Oil
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The Philippine peso slid against the US dollar on Monday due to rising global crude oil prices. The local currency closed at P62.545:$1, down from last Friday's finish of P62.465:$1.

The conflict in the Middle East remains unresolved after US President Donald Trump rejected a peace deal. Global crude prices climbed to near two-week highs on Monday, with Brent up to $107 per barrel.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said that only a negotiated solution can resolve the impasse over the global energy bottleneck. He noted that Trump's remarks have been contradictory, which has contributed to the market uncertainty.

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