Oil Route Panic? PH Opens Talks With Iran to Protect Fuel Shipments

The Philippine government is moving to open diplomatic talks with Iran to help secure the passage of fuel shipments bound for the country through the Strait of Hormuz. Palace Press Officer Claire Castro said President Ferdinand Marcos Jr. had instructed Foreign Secretary Tess Lazaro to lead the engagement as tensions in the Middle East continue to threaten global oil flows.

The concern is serious because Iran has closed the Strait of Hormuz following the escalation of war in the region, cutting into one of the world’s most critical oil transit corridors. Around a fifth of global oil supply normally passes through that route, so any prolonged disruption hits import-dependent countries like the Philippines hard.

Castro said there were no specific Philippine-bound vessels identified as at risk yet, but the administration is treating uninterrupted fuel movement as a top priority. The government has also been rolling out parallel measures like fuel subsidies, conservation steps in government offices, and efforts to diversify where the country gets its oil.

Part of that diversification is already happening: the Philippines recently received more than 700,000 barrels of Russian crude procured by Petron, with millions more barrels expected. At the same time, officials are still consolidating the full cost of the government’s crisis response under the inter-agency UPLIFT Committee created during the national energy emergency.

The bottom line is medyo alanganin pa rin ang fuel picture, even if officials are trying to build buffers and calm the market. What the Palace wants now is simple: keep tankers moving, keep supply stable, and stop a foreign conflict from turning into an even bigger presyo problem back home.

Source: The Manila Times