Manila: President Ferdinand R. Marcos Jr. is set to meet with his economic team to assess the potential impact of the escalating Middle East conflict, particularly on fuel prices, Malaca±ang said Monday. Palace Press Officer Claire Castro announced that the meeting aims to review contingency measures amid growing concerns over a possible energy crisis, as tensions in the oil-rich region threaten global supply chains.

According to Philippines News Agency, the statement comes amid rising fears over global oil market disruptions as the conflict between Israel and Iran intensifies. The tension escalated after the United States launched airstrikes on Iranian nuclear sites, prompting strong retaliation threats from Tehran.

The Middle East remains a vital source of the Philippines' oil imports, making any conflict in the region a potential threat to domestic fuel supply and transport costs. Asked how the government is preparing for a possible energy crunch, Castro said targeted assistance is ready, with PHP2.5 billion in funds already set aside for the fuel subsidy program.