Benise Balaoing

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

<p>The price of the main US benchmark for oil fell more than five percent on Tuesday, despite US forces launching new strikes on Iran.</p><p>Around 8:30 a.m., the price of West Texas Intermediate was down 5.46 percent at $91.33 a barrel.</p><p>However, North Sea Brent crude was up 1.6 percent at $97.68 a barrel.</p><div><a href="https://www.abs-cbn.com/news/business/2026/5/25/diesel-to-go-up-almost-p2-gasoline-and-kerosene-price-hike-also-set-on-may-26-1914" rel="noopener noreferrer" target="_blank">Diesel to go up almost P2, gasoline and kerosene price hike also set on May 26</a></div><p>Oil prices plunged below $100 on Monday as investors raised expectations of a reopening of the<a href="https://www.abs-cbn.com/news/world/2026/5/21/iran-tightens-grip-on-strait-of-hormuz-forcing-tankers-to-seek-approval-analyst-0806"> Strait of Hormuz</a>, following signs that Washington and Tehran were edging closer to a deal.</p><div><a href="https://www.abs-cbn.com/news/world/2026/5/23/us-or-iran-who-will-win-the-hormuz-endurance-game-0900">US or Iran: Who will win the Hormuz endurance game? </a></div><p>But as top Iranian negotiators arrived in Doha for<a href="https://www.abs-cbn.com/news/world/2026/5/21/iran-weighs-us-offer-as-trump-says-peace-talks-on-borderline-0908"> talks to end the war</a>, US Central Command said<a href="https://www.abs-cbn.com/news/world/2026/5/26/us-forces-attacked-missile-sites-in-iran-us-central-command-0824"> American forces had attacked missile sites in southern Iran</a> and boats trying to lay mines, threatening a fragile ceasefire that took effect on April 8.</p><div><a href="https://www.abs-cbn.com/news/world/2026/5/26/trump-links-normalizing-ties-with-israel-to-iran-peace-deal-0044">Trump links normalizing ties with Israel to Iran peace deal </a><br/><a href="https://www.abs-cbn.com/news/world/2026/5/24/iran-and-us-closing-in-on-deal-to-end-war-2005">Trump tempers expectations of a Middle East deal with Iran </a></div><div><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/4RZKSQYT_ZQ?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>The price of the main US benchmark for oil fell more than five percent on Tuesday, despite US forces launching new strikes on Iran.</p>

The price of the main US benchmark for oil fell more than five percent on Tuesday, despite US forces launching new strikes on Iran.

US benchmark crude price falls over 5 pct despite new US strikes on Iran

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US benchmark crude price falls over 5 pct despite new US strikes on Iran

Agence France-Presse

Published May 26, 2026 10:40 AM PHT

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Updated May 26, 2026 12:20 PM PHT

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