Jauhn Etienne Villaruel

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Diesel prices is forecast to increase by P6 to P6.85 per liter, gasoline prices at P1.20 to P1.40 per liter, and kerosene prices by P3.50 to P3.70 per liter. Mark Demayo, ABS-CBN News

Article (news)

FUEL 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/1772411141896AFP__20260301__99H688U__v3__HighRes__TopshotIraqIranUsIsraelConflict_cropped_processed_by_imagy.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">A person waving an Iranian flag walks near tear gas fumes as protesters clash with Iraqi security forces as they try to approach a bridge leading to the Green Zone where the US embassy is located in Baghdad on March 1, 2026, the morning after the US and Israel targeted Iran. Hundreds of Iraqis, many dressed in black, attempted March 1, to storm Baghdad&#x27;s fortified Green Zone, where the US embassy is located, after the killing of Iran&#x27;s supreme leader. Ahmad Al-Rubaye/AFP</span></span></span></div><div><br/></div><p>TOKYO, Japan — Oil prices soared in Asia on Monday on the back of turmoil in the Middle East following US and Israeli military strikes on Iran.</p><div><a href="https://www.abs-cbn.com/news/world/2026/3/2/trump-seeks-to-justify-iran-war-to-us-public-0759">Trump seeks to justify Iran war to US public</a></div><p>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.</p><p>The price of Brent, the international benchmark for crude oil, already rose last week ahead of the strikes that began on Saturday.</p><p>With the resulting regional turmoil, maritime transport is under threat through the Strait of Hormuz, through which around 20 percent of global oil passes.</p><p>The key waterway is mostly but not completely closed, as some Chinese and Iranian vessels are reported to have passed through.</p><p>In such a situation, insurance costs become prohibitive, said Amena Bakr, head of Middle East and OPEC+ research at analysts Kpler, predicting that the price could hit $90.</p><p>The main shipping companies have already confirmed that they are suspending the passage of their fleets along the route.</p><div><br/></div><div><strong>TRUMP&#x27;S &#x27;ACHILLES HEEL&#x27; </strong></div><div><br/></div><p>&quot;While some alternate infrastructure could be used to bypass the Strait of Hormuz, the net impact from its closure would be a loss of 8 million to 10 million bpd (barrels per day) of crude oil supply,&quot; said Jorge Leon, an analyst with Rystad Energy, in a note on Saturday.</p><div><a href="https://www.abs-cbn.com/news/world/2026/3/1/trump-threatens-massive-strikes-as-iran-mourns-slain-leader-1823">Trump threatens massive strikes as Iran mourns slain leader</a></div><p>In theory, oil-importing countries have reserves, with OECD members required to maintain 90 days&#x27; worth of oil stocks but prices above $100 cannot be ruled out.</p><p>If the blockade of the Strait of Hormuz continues, &quot;no matter how much spare capacity (in the strategic reserves) is not going to fill that gap. That gap is just too big&quot;, said Bakr.</p><p>Another analyst at Kpler, Michelle Brouhard, described high oil prices as &quot;the Achilles heel of Trump&quot;.</p><p>In her view, Iran is likely to look to keep crude prices high to force Trump to back down, as he promised his electorate low prices, at a time when the United States is already gearing up for mid-term elections at the end of this year.</p><div><br/></div><div><strong>&#x27;HARMFUL EFFECT&#x27; </strong></div><div><br/></div><p>Gas prices were also expected to soar on Monday, as Qatar is a key exporter of liquefied natural gas, heightening inflationary risks.</p><p>The rise in hydrocarbon prices is bad for the economy.</p><p>The last time crude prices climbed above $100 was at the start of the war in Ukraine. Gas prices also soared, which played a major role in a prolonged period of rising prices.</p><p>Rising petrol prices, higher energy prices, increased shipping costs and loss of revenue for air transport could have &quot;a harmful effect on growth&quot;, said economist Eric Dor, from the IESEG School of Management in Paris.</p><p>&quot;If it&#x27;s a matter of three days, it&#x27;s not serious. But if it&#x27;s over a longer period, then it will have an additional recessionary effect,&quot; he told AFP.</p><p>On the stock market, some sectors could be winners on Monday, such as defense, but Dor instead said he expected &quot;declines&quot; in share prices, particularly in the air transport, maritime transport and tourism sectors.</p><div><br/></div><div><strong>© Agence France-Presse<br/></strong></div><div><strong><br/></strong></div><div><strong><br/></strong></div><div><strong>RELATED VIDEOS</strong></div><div><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/T-XNr4iS2II?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><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/HfNvhCVULV0?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Oil prices soared in Asia on Monday on the back of turmoil in the Middle East following US and Israeli military strikes on Iran.</p>

Oil prices soared in Asia on Monday on the back of turmoil in the Middle East following US and Israeli military strikes on Iran.

Oil prices surge on Middle East conflict

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Oil prices surge on Middle East conflict

Agence France-Presse

Published March 02, 2026 08:09 AM PHT

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Updated March 02, 2026 08:49 PM PHT

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