LIVE UPDATES: Conflict in the Middle East (March 25, 2026)

Oil prices fell and European stock indexes rose on Wednesday, after markets got a boost from reports that the US is seeking a month-long ceasefire with Iran, even though Iran rejected the idea of negotiations.

US President Donald Trump told reporters on Tuesday that the US was making progress in negotiating an end to the war, raising hopes that oil could start being exported from the Gulf again.

Traders were cheered by reports of the ceasefire proposal and that the US had sent Iran a 15-point plan for discussion. Iran, however, denied direct talks and an Iranian military spokesman said the US is negotiating with itself, according to state media.

The Philippine peso depreciated against the US dollar, back to the P60:$1 level, on Wednesday, following the declaration of a national energy emergency and the activation of a whole-of-government response to ensure energy supply stability amid the armed conflict in the Middle East.

The local currency lost 15 centavos to close at P60.1:$1 from Tuesday’s finish of P59.95:$1. It hit an intraday low of P60.133:$1, and an intraday high of P59.888:$1.

Senate President Vicente “Tito” Sotto III acknowledged Wednesday that the Senate may conduct a special legislative session even when it’s on a break to respond to the problems resulting from the global oil crisis.

This, as President Ferdinand “Bongbong” Marcos Jr. declared a state of national energy emergency and ordered the adoption of a Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) for affected sectors.

With this, Sotto told reporters that he expects all senators will be present to attend the special session, should Malacañang call for one. 

"We don't want to get into that discussion."

This was the response of President Ferdinand "Bongbong" Marcos Jr. on Wednesday when asked if the government would temporarily take over the oil industry amid the Middle East crisis that resulted in oil price shocks in the country.

President Ferdinand "Bongbong" Marcos Jr. assured Wednesday that the country would have a sufficient supply of oil products even beyond 45 days as the government is expecting the arrival of fuel deliveries.

To recall, the Marcos administration has about 45 days of fuel supply as of March 20, and is procuring an additional 1 million barrels of oil for buffer stock.

President Ferdinand “Bongbong” Marcos Jr. on Wednesday said he would sign into law the measure giving him emergency power to suspend or reduce oil excise tax. 

“Siguro by the end of today, I will be able to sign it already,” Marcos said in a press conference.

Multilateral lender Asian Development Bank (ADB) is extending a financial support package to aid its developing member-countries, which includes the Philippines, to mitigate the potential economic impact of the global oil crisis arising from the Middle East war.

In a statement on Wednesday, the ADB said it is prepared to deploy financial and technical support to help developing member-countries manage risks, maintain macroeconomic stability, and protect vulnerable populations.

The Philippines is not currently engaged in joint oil and gas exploration with China, although such an arrangement is possible in the future to ensure energy security amid supply concerns due to the Middle East conflict, Manila's top diplomat said Tuesday.

This developed after President Ferdinand "Bongbong" Marcos Jr. said in an interview with Bloomberg this week that he was open to restarting discussions with Beijing on a joint energy project in the South China Sea.

"Not at this point in time, but it may be forthcoming," Department of Foreign Affairs (DFA) Secretary Maria Theresa Lazaro said.

''It's happening now.''

This was the response of President Ferdinand ''Bongbong'' Marcos Jr. when asked if there's a reason to think that there is a need to reset ties with China amid the Middle East conflict.

''I think it's certainly going to happen. I don't think that's something that we can, that is like an option. It's happening now,'' Marcos said in an interview with Bloomberg. 

President Ferdinand ''Bongbong'' Marcos Jr. said the Philippines is exploring the possibility of securing fuel supply from Russia amid the present energy challenges.

Marcos made the remarks in an interview with Bloomberg when asked if the Philippines is getting a commitment from China or Russia for added petroleum supply amid the Middle East crisis. 

Marcos said the government is “still working on that,'' noting that China has always been the Philippines’ trading partner and that the government is trying to increase fuel supply.

“Russia is not a traditional supplier of crude oil to the Philippines or any energy supply, but we are exploring that as well,” Marcos said.