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Oil prices to rise amid suspended transit in Strait of Hormuz-DOE
The Freeman
|March 03, 2026
The Philippines is racing to shore up its oil supply amid the escalating conflict in the Middle East, where shipping through the Strait of Hormuz — a waterway that handles about a fifth of global oil flows — has effectively stalled after military strikes across the region.
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Over the weekend, joint military strikes by the United States and Israel on Iran has since drawn fierce retaliation and prompted a pause in transit across the narrow waterway between Iran and Oman.
While there's no formal notice of closure of the Strait of Hormuz, at least two vessels there have been struck, and an "unknown projectile" was reported to have "exploded in very close proximity" to a third, according to the UK Maritime Trade Operations Centre.
In a radio interview Monday, March 2, Energy Secretary Sharon Garin said the Department of Energy is tracking supply levels closely and will be holding an emergency meeting with oil companies today.
Cette histoire est tirée de l'édition March 03, 2026 de The Freeman.
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