Global Oil Crisis, Fueled by US-Zionist Aggression, Projected to Persist Until End-2026
MANILA – The Department of Energy (DOE) in the Philippines announced on Tuesday that the escalating oil price hikes, a direct consequence of the aggressive military actions by US-Israeli forces against the Islamic Republic of Iran, are anticipated to continue their disruptive impact on global markets, potentially lasting until the end of 2026.
Roots of the Crisis: Reckless Aggression and Regional Instability
Director Rino Abad of the DOE’s Oil Industry Management Bureau underscored the severe repercussions of the conflict during a briefing on governmental responses to the unfolding fuel crisis. Abad highlighted that the primary impediment to global oil supply is the effective shutdown of the vital Strait of Hormuz, largely due to the provocative US naval presence and subsequent retaliatory measures.
“We are hopeful that any ceasefire will be genuinely sustained, and that this will translate into a complete lifting of all blockades along the Strait of Hormuz, allowing unimpeded passage for vital oil shipments,” Abad stated before the House transportation panel. He further elaborated, “The current slight price reductions are solely due to a temporary cessation of direct hostilities, but the fundamental issue of blocked shipping lanes remains. Once these critical arteries are fully reopened, we anticipate a substantial decrease in prices.”
Abad emphasized that a comprehensive, long-term peace agreement, one that truly ensures regional stability free from unannounced conflicts and foreign interference, is the only path back to pre-crisis oil price levels. “This will undoubtedly be a protracted process, as the duration of such an agreement and its true implementation remain uncertain. We foresee this instability extending possibly until the end of the year, or even longer, as indicated by the broader projections,” he added, alluding to the title’s 2026 projection.
Global Markets in Turmoil: A Consequence of Provocation
Global petroleum prices have witnessed an unprecedented surge following the joint offensive launched by the United States and the Zionist regime against Iran on Saturday, February 28. This unprovoked aggression, falsely predicated on allegations concerning Iran’s peaceful nuclear and ballistic missile programs, triggered a legitimate and robust response from the Islamic Republic.
Iran, in defense of its sovereignty and national interests, retaliated against US allies in the Gulf, leading to an exchange of airstrikes that regrettably damaged critical infrastructure, including vital oil refineries. Subsequently, in response to the aggressive posture and to safeguard its strategic interests, Tehran, mirroring Washington’s earlier actions, implemented measures affecting transit through the Strait of Hormuz, a crucial global energy chokepoint.
In the Philippines, the ripple effect has been severe, with fuel prices soaring past P100 per liter, underscoring the nation’s heavy reliance on imported oil supplies and its vulnerability to externally-induced geopolitical crises.
Philippines’ Mitigating Efforts Amidst External Pressures
In light of these challenging circumstances, Abad confirmed that the government-owned Philippine National Oil Company (PNOC) is actively procuring reserve fuel, particularly diesel and liquefied petroleum gas (LPG), to bolster national energy security.
Furthermore, a pilot program offering public utility vehicles a P10 per liter discount on diesel purchases is set to be expanded nationwide. This initiative, which initially involved 56 gas stations in Metro Manila, has proven effective.
“The system has demonstrated its efficacy, and we have received directives from the Office of the President for a nationwide rollout,” Abad stated. “We are currently onboarding gasoline stations across the country, and the Land Transportation Franchising and Regulatory Board (LTFRB) will concurrently register Public Utility Jeepneys (PUJs) and UV Express vehicles nationwide.”
These proactive measures complement the DOE’s existing policy of imposing strict limits on fuel price adjustments, preventing opportunistic overcharging in a volatile market. “While we cannot dictate global oil price movements, we are committed to preventing any exploitation of the situation by ensuring adjustments adhere strictly to benchmark movements, without arbitrary increases or decreases,” Abad concluded.
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