Tovic Salvador

DOE calls for emergency meeting, oil prices to go up due to closure of Strait of Hormuz

Article (news)

David Dizon

ABS-CBN News

Oil prices are set to go up after a US-Israel strike on Iran led to Iran’s Revolutionary Guards forbidding all marine transport in the Strait of Hormuz, the Department of Energy said Monday.<div><iframe width="640" height="360" src="https://www.youtube.com/embed/AcEQU9ypUg0?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>“Ang presyo talaga tataas ‘yan. I will not sugarcoat it. Sabihin mo na may oil na darating, tataas talaga dahil sa tensyon. The stress of the market will increase the price hanggang mag-stabilize &#x27;yan. We need to expect that,&quot; Energy Secretary Sharon Garin told radio DZMM.&quot;Supply is the most crucial na ayaw na nating kumulang at mawalan tayo ng oil dito.&quot;Oil prices <a href="https://www.abs-cbn.com/news/business/2026/3/2/oil-price-surges-on-middle-east-conflict-0809">soared in Asia</a> on Monday on the back of turmoil in the Middle East following US and Israeli military strikes on Iran.In early trade, Brent Crude rose to just over $80 per barrel compared to the closing price of $72.87 on Friday before easing slightly.The price of Brent, the international benchmark for crude oil, already rose last week ahead of the strikes that began on Saturday.With the resulting regional turmoil, maritime transport is under threat through the Strait of Hormuz, through which around 20 percent of global oil passes.The key waterway is mostly but not completely closed, as some Chinese and Iranian vessels are reported to have passed through.Garin has called for an emergency meeting with oil companies Monday to discuss measures on how to ensure oil supply while the Middle East conflict continues.She added that government and the private sector will need to work together to increase fuel stockpiles above the DOE&#x27;s minimum inventory requirements for crude and finished product. “Minomonitor lang namin ‘yung supply kasi. Sisiguraduhin natin na meron tayo kasi baka tumagal ang pagsara ng Strait of Hormuz. D’yan dumadaan ang shipping ng mga oil products  so malaki ang dependence natin d&#x27;yan. I want us to prepare na in case ilang araw o ilang Linggo na hindi makakadaan ang oil deliveries at ano ang status ng supply natin,” she said.“Idi-discuss namin sa mga oil company kung just to be more cautious. okay na ‘yung sobra kesa kulang na kung pwedeng taasan kaya lang medyo magastos ‘yan.”She also warned against public buying, saying that prices may go even higher.“Enough pa naman supply natin ngayon. Hindi naman kailangan. Sa ngayon, nothing to worry about that. Let’s save on fuel and electricity, makakatulong ‘yan,” she said.  <div>With a report by Agence France-Presse</div>

Energy Secretary Sharon Garin has called for an emergency meeting with oil companies Monday to discuss measures on how to ensure oil supply while the Middle East conflict continues.

Energy Secretary Sharon Garin has called for an emergency meeting with oil companies Monday to discuss measures on how to ensure oil supply while the Middle East conflict continues.