Oil Prices Explode Past $119 a Barrel — Highest Since 2022 as Iran War Shuts Down Strait of Hormuz
Brace yourselves, mga kababayan — oil prices just went through the roof. On Monday, crude oil surged past $119 per barrel, hitting levels not seen since mid-2022, as the expanding U.S.-Israeli conflict with Iran continues to choke global oil supply through the Strait of Hormuz.
Brent crude futures spiked as high as $119.50 a barrel in what could be the biggest single-day price jump in history. The strait — which carries roughly one-fifth of the world's oil and LNG — is now virtually shut, creating an unprecedented supply crisis that's sending shockwaves through global markets.
The situation is getting worse on the production side too. Saudi Aramco has started cutting output at two oilfields, Iraq's southern production has dropped by 70%, and Kuwait has declared force majeure on shipments. Qatar has already stopped LNG production after attacks on key infrastructure. These aren't just numbers — they translate directly to higher gas prices sa mga pumahan dito sa Pilipinas.
The crisis has intensified further with the appointment of Mojtaba Khamenei as Iran's new supreme leader, signaling that hardliners remain firmly in control in Tehran. Analysts warn that even if the conflict ends quickly, consumers worldwide could face weeks or months of elevated fuel prices as suppliers deal with damaged facilities and disrupted logistics.
This is exactly why President Marcos is pushing for emergency powers to cut fuel excise taxes and why government agencies are shifting to 4-day workweeks. The pain at the pump is real, and it's not going away anytime soon.
Source: Reuters via GMA News
