President Ferdinand Marcos Jr. will meet with his economic team to assess the impact of the escalating conflict in the Middle East, Malacañang said Monday.

In a media briefing, Palace Press Officer Claire Castro said the meeting will focus on contingency measures amid rising concerns over a possible energy crisis due to the tensions in the oil-rich region.

“The economic team will meet with the President,” Castro told reporters, adding the Palace will provide updates.

This development comes as fears grow over disruptions in the global oil market following the intensified conflict between Israel and Iran.

Tensions escalated after the United States bombed Iranian nuclear facilities, drawing threats of retaliation from Tehran.

The conflict poses a serious threat to the domestic fuel supply and transportation costs, as the Middle East is a key source of oil for the Philippines.