Tovic Salvador

Fuel nozzles hang at a gasoline station along EDSA in Quezon City on February 26, 2022. Gasoline prices which already increased for 8 straight weeks recently are expected to rise further amid the escalating conflict between Ukraine and Russia. George Calvelo, ABS-CBN News

Article (news)

Alvin Elchico

ABS-CBN News

MANILA — The price of diesel again surged on the first day of trading in the world market amid rising tension in the Middle East.Diesel prices rose by almost P5.00 per liter while gasoline prices increased by nearly P1.00 per liter on day 1 of trading.July 13, 2026 trading results:Diesel       P4.90/L ⬆️Gasoline   P0.90/L ⬆️Kerosene  P4.40/L ⬆️While there are still four trading days left, and prices will still change by Friday, industry sources said the price spike on Monday had yet to factor in the attack by Saudi Arabia on Yemen, which had further worsened instability in the region.According to some industry players, oil prices are likely to remain elevated this week after the US and Iran resumed hostilities.The US launched a series of attacks against Iran, while Iran retaliated by targetting 2 tankers in the Strait of Hormuz.Until there is a clear indication of a de-escalation of the conflict, prices in the Mean of Platts Singapore, which is the country&#x27;s price benchmark, will remain on the upward trend, according to industry sources.US President Donald Trump said a deal with Iran was still possible even as attacks were carried out, with Iran striking two ships in the strategic waterway and killing one crew member, according to the United Arab Emirates.Oil prices have surged since the US and Israel attacked Iran in late February this year. —With a report from Agence France-Presse

Oil prices are likely to remain elevated this week after the US and Iran resumed hostilities.

Oil prices are likely to remain elevated this week after the US and Iran resumed hostilities.

Diesel up almost P5 on 1st global trading day amid Mideast conflict

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Diesel up almost P5 on 1st global trading day amid Mideast conflict

Alvin Elchico,

ABS-CBN News

Published July 14, 2026 04:46 PM PHT

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