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Forex

Peso at Record Low as Oil Prices Soar Amid US-Iran Conflict

Guavy AI Editorial Team
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The Philippine peso has weakened to around 61.84 per US dollar in late July, approaching a fresh record low due to surging oil prices and broad US dollar strength.

Crude prices have jumped more than 30% this month as the escalating US-Iran conflict spilled over into key shipping routes, heightening concerns over deeper disruptions to global energy supplies.

The Bangko Sentral ng Pilipinas intervened in the foreign exchange market this week to support the peso, while the Marcos administration expressed confidence that the central bank would act decisively if needed.

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