US-Iran Tensions Send Oil Prices Higher for Fourth Straight Day

Global oil prices have been rising for four consecutive trading days, fueled by tensions between the United States and Iran. This development is causing concerns about potential disruptions to global oil supplies through the Strait of Hormuz.

The projected price increase in the Philippines could be another hit for motorists, who have already faced two weeks of fuel price hikes. Diesel prices are expected to rise by ₱4.60 per liter, while gasoline prices will also move higher.

The final adjustment to local oil prices will depend on global market movements over the remaining trading days. The recent trend is a continuation of geopolitical tensions rippling through the global energy market.