Oil prices for PH unlikely to fall soon despite Hormuz passage
Oil prices have jumped to their highest settlement since July 2022 due to disruptions in Middle East supply. The US-Iran conflict and force majeure on Iraqi oilfields have led to elevated prices, with analysts expecting them to remain high as long as the Strait of Hormuz is disrupted.
Oil prices have surged due to supply disruptions in the Middle East. Iraq has declared force majeure on all oilfields developed by foreign firms. The US-Iran conflict is escalating, with the US deploying additional troops to the region. Brent futures have settled at $112.19 a barrel, the highest since July 2022. The conflict has disrupted traffic through the Strait of Hormuz, which is a critical oil transit route. Analysts expect prices to remain elevated until the situation is resolved.
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