MANILA -- Oil prices are climbing in the third week of June.

Petroleum companies announced the following pump price hikes effective Tuesday, June 17:

SHELL PILIPINAS, SEAOIL (effective 6 a.m.)
Gasoline - P1.80/liter increase
Kerosene - P1.50/liter increase
Diesel - P1.80/liter increase

CLEANFUEL (effective 4:01 p.m.)
Gasoline - P1.80/liter increase
Diesel - P1.80/liter increase

Big-time fuel price hike expected after Israel's attack on Iran

Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- had sent global crude prices soaring as much as 13 percent at one point on fears about supplies from the region.

Analysts also warned that the spike could send inflation surging globally again, dealing a blow to long-running efforts by governments and central banks to get it under control and fanning concerns about the impact on already fragile economies.

"The knock-on impact of higher energy prices is that they will slow growth and cause headline inflation to rise," said Tony Sycamore, a market analyst at IG.

"While central banks would prefer to overlook a temporary spike in energy prices, if they remain elevated for a long period, it may feed through into higher core inflation as businesses pass on higher transport and production costs.

Filipino in Israel in ‘critical’ condition after missile salvo from Iran

"This would hamper central banks' ability to cut interest rates to cushion the anticipated growth slowdown from President Trump's tariffs, which adds another variable for the Fed to consider when it meets to discuss interest rates this week."

— With a report from Agence France–Presse