Amid the ongoing war in the Middle East, crude oil prices have risen again. Today, the price of oil has reached $100.43 (P5,987.69) per barrel despite all 32 member countries of the International Energy Agency agreeing to release record amounts of oil from their emergency reserves.
Two days ago, on March 10, Brent crude oil prices dipped to $87.80 (P5,234.68) per barrel after an increase to $98.96 (P5,900.04) just a day before. Now, it has breached the $100 mark yet again.
Oil prices have been unpredictable over the past few days, with Iran warning about a possible increase to $200 (P11,924.49) per barrel as ships linked to the US, Israel, and their allies are targeted in the Straight of Hormuz.
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Currently, tensions in major transit points continue to escalate, making it dangerous for oil tankers to cross these routes and deliver oil to different parts of the world. The BBC reports that global oil markets have been extremely volatile since the US and Israel launched airstrikes against Iran on February 28.
For motorists, given the volatility of oil prices, one way to lessen the impact on our fellow Filipinos and ourselves is to reduce fuel consumption. As we wait for further announcements on how these will impact local fuel prices, continuous improvements in public transportation and the adoption of fuel-saving practices like carpooling have become more critical than ever.
