Jauhn Etienne Villaruel

Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on Friday, March 6, in a rush to refuel ahead of the expected fuel price increase next week. Long queues of cars and motorcycles formed as drivers tried to fill up before the anticipated hike in gasoline and diesel prices.  Maria Tan, ABS-CBN News

Article (news)

OIL PRICE HIKE

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/177362479694220260306-oil-price-hike-refueling-MT5.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on Friday, March 6, in a rush to refuel ahead of the expected fuel price increase next week. Long queues of cars and motorcycles formed as drivers tried to fill up before the anticipated hike in gasoline and diesel prices.  Maria Tan, ABS-CBN News</span></span></span></div><div><br/></div><p>WASHINGTON, United States — Oil prices kept rising as markets opened Sunday, with both benchmarks higher as the war in the Middle East disrupts global supplies.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/13/oil-holds-above-100-and-stocks-fall-as-khamenei-targets-hormuz-1124">Oil holds above $100 and stocks fall as Khamenei targets Hormuz</a></div><p>At around 0015 GMT, the US benchmark West Texas Intermediate was up 0.01 percent at $98.72 a barrel, while the price of Brent, the international benchmark for oil, was up 0.6 percent to $103.76.</p><p>On stock markets, South Korea&#x27;s Kospi attempted a cautious rebound and was up 1.3 percent in early trade in Asia, while Japan&#x27;s Nikkei was flat.</p><p>With Gulf states slashing production and oil tankers stuck in the Gulf, oil prices have risen 40 to 50 percent since the United States and Israel first attacked Iran on February 28.</p><p>Investors fear the higher costs will slow economic growth and stoke inflation.</p><p>The Strait of Hormuz, which usually sees passage of 20 percent of global oil and gas exports, remains effectively shut.</p><p>US Energy Secretary Chris Wright said Sunday that the closure was &quot;short-term pain&quot; causing higher prices, adding that the war could end &quot;in the next few weeks.&quot;</p><p>The International Energy Agency has warned that the Middle East war &quot;is creating the largest supply disruption in the history of the global oil market.&quot;</p><p>US and Israeli strikes on Iranian targets, including the oil export hub of Kharg Island, have also disrupted supplies.</p><div><br/></div><div><strong>© Agence France-Presse</strong></div><div><br/></div><div><br/></div><div><strong>RELATED VIDEOS</strong></div><div><strong><br/><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/GQ76B70KLPc?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></strong><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/xOTkgoQjCac?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Oil prices kept rising as markets opened Sunday, with both benchmarks higher as the war in the Middle East disrupts global supplies.</p>

Oil prices kept rising as markets opened Sunday, with both benchmarks higher as the war in the Middle East disrupts global supplies.

Oil prices open higher as war in Middle East rages

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Oil prices open higher as war in Middle East rages

Agence France-Presse

Published Mar 16, 2026 09:33 AM PHT

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