LIVE UPDATES: Conflict in the Middle East (April 9, 2026)

Brent crude futures rose almost 3.5% to $98 a barrel, US WTI futures bounced 4.6% to $98.88, Wall Street futures were down and the pan-European STOXX 600 index was 0.5% lower having seen its biggest one-day gain since 2022 on Wednesday when it leapt 3.7%.

UBP's Head of Investment Services UK Peter Kinsella said the moves showed markets remained focused on headlines, although apart from the big swings in oil prices, he said that volatility in most of the main asset classes was still limited.

"It is very difficult for investors as they are dealing with a conflict where the protagonists don't even know what they want," Kinsella said.

President Ferdinand ''Bongbong'' Marcos Jr. on Thursday announced that a service contracting program would be implemented beginning April 15. 

Marcos, in a video message, said this would be implemented by the Department of Transportation nationwide. 

The Department of Health (DOH) said Thursday there is no increase in the prices of medicine in the country despite the difficulties caused by the conflict in the Middle East.

A surge in jet fuel prices driven by the US-Israeli war on Iran has upended the global aviation industry, forcing airlines to raise fares and revise financial outlooks.

Jet fuel prices have soared from $85 to $90 per barrel to $150 to $200 per barrel in recent weeks, a financial hit for an industry where fuel accounts for up to a quarter of operating expenses.

Experts and lawmakers on Thursday warned the Philippine government against entering into a joint oil and gas exploration with China in the West Philippine Sea (WPS) citing constitutional, security, and economic risks.

“Any future oil talks with China are unacceptable unless it fully recognizes the Philippines' 2016 arbitral ruling victory, withdraws from the WPS, ends their illegal occupation and militarization, and stops harassing Filipino fishers and frontliners,” Atin Ito co-convenor Rafaela David said in a press conference.

“Any talks of joint oil and gas exploration with China is not a solution. It is submission,” she added.

The joint exploration may reward China’s aggressive behavior and encourage regional coercion, according to the group.

Previously, Malacañang ensured that the government would protect the country’s national interests in the possible joint oil and gas exploration with China amid present energy challenges. 

US President Donald Trump said on Wednesday its military ships and aircraft will remain around Iran and threatened that the US will start "shooting" again unless Tehran fully complies with the deal reached with Washington.

"All US Ships, Aircraft, and Military Personnel, with additional Ammunition, Weaponry ... will remain in place in, and around, Iran, until such time as the REAL AGREEMENT reached is fully complied with," Trump said on his Truth Social platform.

"If for any reason it is not, which is highly unlikely, then the “Shootin’ Starts,” bigger, and better, and stronger than anyone has ever seen before.," the president added.

Flag carrier Philippine Airlines (PAL) is resuming flights between Manila and Riyadh, effective April 10, 2026.

In a statement on Thursday, PAL said the resumption of its Manila-Riyadh flights came “following recent developments in the Middle East region.”

PAL suspended its Manila-Riyadh service on March 30 as a “precautionary measure” amid security and operational uncertainty in Middle Eastern airspace amid the US-Israel versus Iran conflict.

After more than a month of mega pump price hikes triggered by the Middle East conflict, motorists may expect a slight sigh of relief in the coming week amid the two-week ceasefire agreed upon by the United States and Iran.

“MOPS (Mean of Platts Singapore) prices and premiums have softened due to the ceasefire deal in the Middle East,” according to an oil industry source.

Based on the MOPS trading in the first three days of the week, the estimated reductions in pump prices are as follows:

• Diesel - P2.50 to P3.40 per liter
• Gasoline - P1.00 per liter

Projections may change depending on the results of trading until Friday, April 10, 2026.

House Ways and Means panel chair Miro Quimbo on Thursday called on the Energy Regulatory Commission (ERC) and the Philippine Competition Commission (PCC) to probe "possible collusion" of oil companies when it comes to weekly fuel price adjustments.

The Marikina 2nd District Representative made the appeal after Secretary Arsenio Balisacan of the Department of Economy, Planning and Development (DepDev) told the first hearing of the Legislative Energy Action and Development (LEAD) Joint Committee on Wednesday that regulators should exercise their powers to ensure that oil firms are playing fair.

President Ferdinand ''Bongbong'' Marcos Jr. on Thursday reaffirmed the government's commitment to exhaust "all measures" to help ease the burden of the public in the midst of the tension in the Middle East.

Marcos made the remark during the commemoration of the 84th anniversary of the Araw ng Kagitingan at the Mt. Samat National Shrine in Pilar, Bataan. 

The President also said that governance is only a part of the equation as nation-building has always been a shared responsibility. 

'Today’s challenges may not mirror those of yesterday, but they test us in much the same way. Among these is the enduring geopolitical tension that we are observing in the Middle East,'' Marcos said.

'While we may stand far from the centers of conflict, we are not untouched by its consequences. Fuel prices weigh heavily on Filipino families, those who already have the least having been subjected the most to this scourge,'' he added.

Marcos said, ''In moments like these, the government will do everything that is possible to cushion the impact and safeguard the welfare of our people.'' 

''But for this collective responsibility to succeed, it must be grounded in integrity, in courage, and in love for country,'' Marcos said.