Tag: Oil Shock

Global oil markets swung violently Monday as the escalating conflict between the US and Iran disrupted one of the world’s most important energy corridors, briefly sending crude prices soaring before easing on hints the conflict might end soon.

Manila Electric Co. chairman Manuel V. Pangilinan said the country’s largest power distributor is reviewing its fuel mix as tensions in the Middle East threaten to push electricity costs higher.

The Philippine Chamber of Commerce and Industry has urged swift and decisive action as geopolitical tensions following US and Israeli military strikes on Iran rattle global markets and threaten to derail the Philippines’ fragile recovery.