US-Israel war on Iran disrupts Hormuz tanker traffic, exposing the Philippines as fuel prices jump 59.6% for gasoline and 122.7% for diesel

The report says US and Israeli military action against Iran has disrupted oil supply from the Middle East, with tankers hindered or barred from crossing the Strait of Hormuz. The Philippines is highly exposed because it imports roughly 98% of its crude oil needs from the Middle East. In April, gasoline prices in the Philippines were 59.6% higher than a year earlier and diesel prices rose 122.7%, with retail prices in some areas reaching P100 per liter. The disruption is a confirmed geopolitical supply shock that has fed directly into crude and refined fuel markets.