Oil prices rise P1.80 per liter as Israel attacks Iran

Oil prices are rising in the third week of June following Israel's attack on Iranian military and nuclear sites, leading to significant fuel price hikes by major petroleum companies effective Tuesday, June 17.

Petroleum firms including Shell Philippines, Seaoil, Cleanfuel, PTT Philippines, Caltex Philippines, and others will raise gasoline and diesel prices by P1.80 per liter each, while kerosene prices will increase by P1.50 per liter starting at different times throughout the day.

The attack has caused global crude oil prices to soar up to 5 percent due to supply fears, with Asian benchmark Dubai crude falling slightly but still reflecting increased tensions and economic impacts.

Higher energy costs could hamper central banks' efforts to manage inflation and interest rates, complicating their ability to cushion the anticipated growth slowdown from President Trump's tariffs.

A Filipino in Israel is reported to be in critical condition after a missile salvo from Iran following the attack.