Oil Hits $113 as Iran Bombs Gulf Energy Plants — Brace for Another Pump Price Surge
The Middle East war just got a whole lot worse — and Pinoy motorists are about to feel it at the pump. Oil prices surged past $113 per barrel on Thursday after Iran launched retaliatory missile strikes on several Gulf energy facilities, including Qatar's Ras Laffan — the world's largest liquefied natural gas hub.
The Iranian attacks came after Israel struck South Pars, a massive gas field shared by Iran and Qatar. Tehran wasted no time hitting back, with the Revolutionary Guards warning that further strikes on Iranian energy infrastructure would be met with escalating retaliation until Gulf energy assets are 'completely destroyed.' European gas prices jumped more than 30 percent in a single day.
US President Donald Trump said Washington 'knew nothing' of Israel's attack on South Pars but threatened to 'massively blow up' the entire gas field if Iran didn't stop striking Qatar. Iranian President Masoud Pezeshkian warned on X that the escalation 'could have uncontrollable consequences' that 'engulf the entire world.'
For the Philippines, the immediate impact is clear: fuel prices are set for yet another increase next week. President Marcos has ordered the release of ₱21.47 billion to cushion Filipinos from the economic shocks, while the DOTr announced a 50% fare discount on MRT-3 and LRT-2 starting March 23 to help commuters cope with rising transport costs. The peso also hit a record low of ₱60.1 to the dollar.
Marcos said the government is actively searching for alternative fuel suppliers, noting that existing contracts remain intact. But with Brent crude at its highest since February's initial strikes, Filipinos should brace for more pain at the gas station — and in their grocery bills.
Source: The Manila Times
