Oil Prices

Diesel prices in Metro Manila could drop to P70 to P90 per liter next week. Local fuel retailers are expected to implement fresh rollbacks following progress in Middle East peace talks.

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Oil prices are falling on hopes for an end to the war with Iran while the US stock market holds near its records. Brent crude dropped 3.2 percent to $97.98 per barrel.

Seoul stocks opened higher Thursday as U.S. President Donald Trump hinted at a possible end to the monthlong war with Iran. The benchmark KOSPI rose 1.15 percent to 5,541.81 in early trading. Global markets rallied similarly on de-escalation hopes.

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The Philippine Coast Guard expects no major impact from the oil crisis and high living costs on Holy Week sea travelers, estimated at three million. PCG spokesperson Commodore Noemie Cayabyab said the effect would be minimal, similar to last year's numbers. Monitoring began on March 28 until April 5 under Oplan Byaheng Ayos Semana Santa 2026.

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.

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The Iran war has completed 21 days, severely affecting India's economy, fuel prices, and supplies. Crude oil prices have risen from $70-73 to $108-110 per barrel, with the rupee hitting 93.70 against the dollar. Six Indians have been killed in West Asia amid the conflict.