Fuel prices have spiked again after the United States launched strikes on Iran after the latter attacked vessels on a route skirting the Strait of Hormuz, prompting retaliatory attacks by Iran on US infrastructure in neighboring Gulf states.
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The Middle East (ME) ceasefire that the world had hoped would hold up — which had primarily reduced fuel import prices on which the Philippines is heavily dependent — flared up anew.
The Philippines called on the United States and Iran to exercise restraint and resume diplomatic talks after renewed hostilities shattered the ceasefire, raising fears of wider instability in the Gulf and threatening one of the world’s most critical shipping lanes.
“The Philippines is deeply concerned about the recent developments that have taken place between the US and Iran which threaten efforts towards a final peace agreement,” Department of Foreign Affairs (DFA) spokesperson Analyn Ratonel said in a statement.
“We call upon the parties to exercise restraint and to return to the path of diplomacy to achieve a peaceful and lasting solution to the conflict,” Ratonel added.
Negotiations continue
US President Donald Trump said the ceasefire was “over,” although he said both sides had agreed to continue negotiations.
Iran disputed Trump’s characterization, saying it remained committed to the truce while accusing Washington of violating its terms, leaving the future of the ceasefire uncertain.
The renewed tensions followed US strikes on more than 80 Iranian targets near the Strait of Hormuz after Washington accused Tehran of attacking three commercial vessels in the strategic waterway, a vital artery for global energy supplies.
The Strait of Hormuz, a narrow passage linking the Persian Gulf to the Gulf of Oman, carries about one-fifth of the world’s oil consumption and remains a vital route for global energy supplies.
Any prolonged disruption to shipping through the waterway could drive up crude prices, increase freight costs and add inflationary pressure on oil-importing countries like the Philippines.
Ratonel said the DFA had received no reports of Filipino casualties in the latest escalation.
Millions of migrants in the region
The government has closely monitored developments in the Gulf, as countries in the region host millions of overseas Filipino workers and are vital to the country’s energy security.
Thousands of Filipino seafarers also serve aboard merchant vessels that regularly transit the Strait of Hormuz, making any disruption to maritime traffic a concern for Manila.
