The peso weakened 3 centavos or 0.05 percent to P61.815 per US dollar on Wednesday, briefly touching a new record intraday high of P61.995 as investors reacted to another sharp rise in oil prices and renewed uncertainty surrounding the US-Iran conflict.

The peso opened at P61.85 and traded between P61.73 and a record intraday high of P61.995 before closing at P61.815. Interbank FX turnover increased to about $1.888 billion from $1.337 billion a day earlier.

The latest pressure followed renewed uncertainty over a US-Iran diplomatic breakthrough. President Donald Trump said there were no talks currently taking place or planned with Iran, while Tehran maintained that the Strait of Hormuz remained closed. Shipping disruptions persisted, keeping a risk premium embedded in crude prices.

Brent crude climbed to around $91.62 per barrel, extending its rise for a fourth consecutive session as uncertainty over the Strait of Hormuz persisted. The waterway normally handles roughly 20 percent of global oil and gas trade. For the Philippines, which imports virtually all of its crude requirements, sustained higher oil prices could raise fuel costs, inflation and import expenses.

Local pump prices rose sharply on Tuesday, with gasoline up about P2.49 per liter, diesel by P3.84, and kerosene by P5.01.

The peso’s decline came despite a softer US dollar, with the Dollar Index falling 0.21 percent to 99.43. This suggests the move was driven largely by the Philippines’ exposure to higher oil prices and geopolitical risks rather than broad-based dollar strength.

The peso’s weakness also weighed on the local equity market. The Philippine Stock Exchange Index (PSEi) plunged 1.70 percent to 6,158.34, while the peso weakened 3 centavos or 0.05 percent to P61.815 per US dollar on Wednesday, as investors reacted to another sharp rise in oil prices and renewed uncertainty surrounding the US-Iran conflict.

The sell-off was broad-based, with all sectoral indices declining. Services suffered the largest loss at 2.68 percent, while foreign investors were net sellers by P865.09 million. Total market turnover stood at about P5.78 billion. Only five index constituents advanced, led by ACEN Corp., which gained 1.69 percent to P3.00. Century Pacific Food Inc. was the biggest index decliner, falling 3.59 percent to P32.20.