LIVE UPDATES: Conflict in the Middle East (March 12, 2026)

The Philippine peso weakened against the US dollar for the second straight trading day on Thursday, as global crude oil prices rose amid the ongoing tensions in the Middle East.

The local currency shed 21.5 centavos to close at P59.385:$1 versus Wednesday’s finish of P59.17:$1. The peso earlier this week hit a fresh record low of P59.5:$1.

Thursday’s depreciation comes as global crude oil prices surged to the highest in over two years, or since October 2023, amid the ongoing risk to global supply chains due to the closure of the Strait of Hormuz, a key global shipping corridor that carries around a fifth of the world’s oil.

President Ferdinand "Bongbong" Marcos has certified as urgent the bill granting him emergency powers to suspend or cut excise tax on fuel amid the ongoing conflict in the Middle East. 

House Bill No. 8418 allows the President to suspend or reduce excise tax on fuel products for six months at the maximum, provided that the average Dubai crude oil price exceeds US$80 per barrel for one month immediately preceding the suspension or reduction of the excise tax. 

The bill also provides that the President will only have such additional authority until December 31, 2028. 

Energy Secretary Sharon Garin on Thursday said the Philippines has sufficient fuel reserves amid public concerns due to price volatility resulting from the Middle East tensions.

Interviewed on state-run PTV’s Bagong Pilipinas, Garin said domestic fuel reserves, including fuel retailers’ stockpile as well as incoming orders already in transit, would be good for the next 50 days.

The government is not inclined to borrow funds from international lending institutions to fund its crisis response amid the conflict in the Middle East, Malacañang said on Thursday.

“Sa ngayon po ay wala pong napabanggit patungkol po diyan. Kinausap po natin at tinanong po natin ‘to mismo kay Secretary Go ng Department of Finance. Sa ngayon po ay walang balak,” Palace Press Officer Undersecretary Atty. Claire Castro said in a press briefing.

(Nothing has been mentioned about that. We personally asked Department of Finance Secretary Frederick Go. There’s no plan at this time.) 

In a statement, MGen said the current energy situation is influenced by several factors, including movements in global fuel prices and geopolitical developments affecting energy supply chains. 

The company said that remaining focused on operational discipline and system reliability is of paramount importance for power generation firms during the challenging energy environment.

A bill pushing for a P7,000 monthly fuel subsidy to workers in low-income sectors has been filed before the House of Representatives amid rising fuel costs due to the ongoing conflict in the Middle East.

Parañaque Rep. Brian Yamsuan made the proposal under House Bill 8340, which targets a subsidy for those working in farms, fisheries, public transport, agricultural production, and other low-income sectors.

The Department of Energy (DOE) on Thursday said the sale of petroleum products in fuel-grade drums or containers is allowed for “legitimate operational use.”

In an advisory, the DOE said that purchases using fuel-grade containers should be “consistent with the customer’s normal operational requirements and comply with applicable safety standards for fuel dispensing.”

The DOE issued the advisory as a reminder to the general public about anti-hoarding measures amid volatile fuel prices resulting from the Middle East conflict.

SYDNEY — Shares in Asia fell broadly on Thursday, as oil prices leapt 9% to above $100 a barrel on reports of more ships hit in Gulf waters and the closure of oil terminals — a jump that promises to fuel inflation and push borrowing costs higher worldwide.

Investors took little comfort from the International Energy Agency's plan to release 400 million barrels of oil from its reserves, the largest such move in its history. As part of that, the US said it would release 172 million barrels of oil from next week.

The Filipino crew members aboard two vessels recently attacked in the Persian Gulf near the Strait of Hormuz are safe, according to the Department of Migrant Workers (DMW) on Thursday.

DMW Secretary Hans Leo Cacdac said three ships were reportedly struck by projectiles or unidentified objects in the past 48 hours but only two of these vessels had Filipino crew members on board.

DUBAI/BASRA, Iraq — Iranian explosive-laden boats appear to have attacked two fuel tankers in Iraqi waters setting them ablaze and killing one crew member on Wednesday, after projectiles struck three vessels in Gulf waters, said port, maritime security and risk firms.

The latest attacks mark an escalation in the conflict between Iran and US-Israeli forces, raising the number of ships struck in the region since fighting began to at least 16.