US bombing of Iran nuclear sites may hike oil prices in PH

The United States bombing of Iran's nuclear facilities is causing concerns about a significant increase in global oil prices, potentially impacting import-reliant economies like the Philippines.

Jetti Petroleum, Inc. President Leo Bellas stated that higher shipping costs due to the expanded hostilities could lead to increased domestic pump prices.

The US, in coordination with Israel, conducted airstrikes on three Iranian nuclear sites, which President Trump described as successful, though Iran downplayed the damage.

Trading markets have already reacted to the heightened geopolitical risk, signaling a probable round of price hikes that could exacerbate inflation concerns.

Jetti's monitoring suggests a sharp rise in pump prices next week, with diesel potentially increasing by P4.90 to P5.10 per liter and gasoline by P3.20 to P3.40 per liter.