Global oil prices climbed closer to the $100-per-barrel mark on Monday, 8 June, as investors weighed supply risks in the Middle East, OPEC+ production policies and expectations of stronger fuel demand during the summer travel season.

Brent crude, the international benchmark, rose nearly 3 percent to $95.99 per barrel, while US benchmark West Texas Intermediate gained more than 3 percent to $93.30 per barrel in Asian trading.

The rally pushed oil prices to their highest levels in months and brought them within striking distance of $100 a barrel, a level last seen during the energy market turmoil following Russia’s invasion of Ukraine in 2022.

Traders remain focused on potential supply disruptions, particularly around the Strait of Hormuz, a key shipping route that handles roughly one-fifth of the world’s oil supply. Concerns over shipping activity in the region have continued despite a fragile ceasefire.

Market sentiment has also been supported by expectations of higher fuel consumption during the Northern Hemisphere’s peak travel season and by ongoing scrutiny of production decisions from the OPEC+ alliance.

For the Philippines, higher crude prices could add pressure on fuel costs and inflation if the upward trend continues. The country imports most of its oil requirements, making local pump prices highly sensitive to movements in global energy markets.