Sustained clashes over the past week between Iran and the United States have triggered another price surge for oil in the global market. Both sides began exchanging fire early last week, resulting in tanker traffic passing through the Strait of Hormuz reaching a new low since May.
For the period of September 8 to 14, 2026, the price of diesel will go up by P5.18 per liter, while gasoline prices will increase by P4.69 per liter. Finally, kerosene will also have a price hike of P5.58 per liter.
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These hikes undo the meager rollback that kicked off September. As long as the war in the Middle East remains a stalemate with no progress made on the diplomatic front, prices may continue to go up.
Over the past week, both sides have begun strikes on tankers affiliated with their respective adversaries. Reuters reports an average of just 10 commodity vessels moving through the strait daily over the past 10 days. Maritime intelligence firm Marisks describes the inclusion of trade vessels as operational targets a “major escalation in the maritime conflict.”
