President Ferdinand Marcos Jr. assured that the Philippines has sufficient petroleum supply despite gas prices doubling due to the Gulf war. Foreign Affairs Secretary Maria Theresa Lazaro spoke with her Iranian counterpart to secure safe passage for Philippine vessels and seafarers in the Strait of Hormuz. The country received 700,000 barrels of Russian crude oil thanks to a US waiver.
One month after the US and Israel's 'pre-emptive strike' against Iran, a global oil price crisis has hit the Philippines, which previously sourced nearly all its oil from the Middle East. The Strait of Hormuz, through which a fifth of the world's crude oil passes, is now under Iranian control, allowing limited access to vessels from non-hostile countries.
In a late March 2026 address, President Ferdinand Marcos Jr. stated: “I’m very confident in saying that we have sufficient supply. We will continue to source those supplies. And I do not think that there is a problem. Sa aming analysis, wala tayong problema para sa supply ng petrolyo at saka ng mga petroleum products.” Government sources say the administration worries more about price spikes than supply shortages, providing aid to affected sectors.
Russia emerged as an early alternative. Before March ended, a 700,000-barrel crude shipment arrived for Petron, enabled by a one-month waiver from US President Donald Trump for oil stranded at sea. It remains in effect until mid-April unless extended. On March 25, Secretary Lazaro mentioned efforts to request lifting sanctions on Russian oil exports.
Philippine ambassadors, including Jose Manuel Romualdez in Washington, are seeking waivers for oil from US-sanctioned nations like Russia and Iran. Outreach continues to top producers such as the US, Canada, and China, though US aid is expected indirectly.
