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MANILA — Amid continued oil price hikes, traffic volume on EDSA fell by eight percent, the Metro Manila Development Authority said yesterday. The agency also exempted oil tankers and vehicles delivering basic commodities from truck bans and number coding schemes.

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Energy Secretary Sharon Garin said Filipinos will need to change lifestyles if global oil prices reach $200 per barrel, as the scenario no longer seems far-fetched three weeks into the Middle East war.

The Middle East conflict has driven oil prices beyond US$100 per barrel, positioning Angola and other African producers as key beneficiaries. A clause in Angola’s debt deal with Chinese lenders stipulates that when prices exceed US$60 per barrel, excess revenue goes into a reserve account for repayments. This opportunity allows Angola to replenish debt reserves and secure new loans for projects like the Lobito refinery.

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South Korean stocks fell Friday morning after Iran's new leader vowed to maintain the blockade of the Strait of Hormuz, causing global crude prices to fluctuate around the $100 level. The KOSPI index dropped sharply at the open but trimmed losses later while staying in negative territory. Disruptions at the key Middle East waterway persist despite U.S. President Donald Trump's claim that the war is nearing an end.

Shares of gas and paint companies in India rose up to 5% on Tuesday following US President Donald Trump's comments suggesting a quick end to the conflict with Iran. The remarks led to a sharp decline in crude oil prices, easing supply concerns and reducing input costs for these sectors. This reversal came after earlier tensions had caused stock drops and shortages in Indian cities.

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South Korean stocks rebounded more than 5% on Tuesday amid eased concerns over the U.S.-Iran conflict. U.S. President Donald Trump's remarks led to a sharp drop in global crude prices, spurring bargain hunting. The Korean won also strengthened significantly against the U.S. dollar.