Philippines declares national energy emergency as Iran war fuels oil shock fears

MANILA – Philippine President Ferdinand Marcos Jr has declared a national energy emergency, warning that escalating tensions in the Middle East could disrupt global oil supply and drive up fuel and electricity costs in the country.

On March 24, Mr Marcos signed an executive order that the ongoing conflict involving the United States, Israel and Iran – which is “creating uncertainty in global energy markets, disrupting supply chains and exerting upward pressure on oil prices” – is posing a threat to the country’s energy security.