Fuel markets may breathe easier—at least for two weeks.
President Ferdinand R. Marcos Jr. welcomed the reported two-week ceasefire between the United States and Iran, hoping it would ease global oil supply constraints and benefit the Philippines.
Marcos said the possible reopening of the Strait of Hormuz, a critical oil shipping route, would help ensure a steady fuel supply and allow Filipino seafarers to resume operations.
“Kung kasama sa agreement na nabubuksan ang Strait of Hormuz… magagawa nila yung kanilang trabaho (If the agreement includes opening the Strait of Hormuz, they would be able to resume their job),” he said, noting that thousands of Filipino seafarers have been affected by disruptions in the area.
He added that the government will use the ceasefire window to boost fuel supply.
“We will take full advantage of the two weeks to increase our supply as much as possible,” Marcos said.
The Philippine government, through the Department of Foreign Affairs, also welcomed the planned negotiations between the US and Iran with “cautious optimism,” hoping for an eventual peace deal.
Iran and the US formally agreed to the two-week ceasefire, with talks to negotiate a peace agreement set to begin in Pakistan on Friday.
In a statement, the DFA said it hopes the dialogue “lead to the permanent end of the conflict and lasting peace.” It noted the conflict has caused “significant loss of lives and damage to civilian and economic infrastructure, as well as disruptions in the global economy,” and added that the Philippines “continues to hope that all parties will resolve their differences through earnest dialogue and diplomacy.”
The US and Israel launched joint military operations against Iran on Feb. 28 that killed Supreme Leader Ayatollah Ali Khamenei, prompting Iran to retaliate with deadly strikes that extended to neighboring Gulf states.
Tehran later imposed a de facto blockade on the Strait of Hormuz, sending energy markets into shock and pushing up oil and fuel prices worldwide.
As a net oil importer, the Philippines has been grappling with rising fuel costs due to the tensions, particularly around the Strait of Hormuz, through which about 20 percent of the global oil supply passes.
Marcos expressed hope that easing supply constraints could stabilize prices, while noting that volatility remains a concern.
“We are all hoping and praying that the two-week ceasefire will extend further,” he said.
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