Oil prices plunge, then reboundWorkers carry sacks of rice at Paco Market in Manila yesterday. Rising fuel prices have affected the cost of transportation and logistics, contributing to the higher prices of food and other essential goods. Some analysts were skeptical about the IEA’s proposal and its impact on oil prices. How oil prices will evolve will depend on the duration of the Iran war,” said DBS ?energy sector team lead Suvro Sarkar. Officials of G7 have also gathered online to discuss a potential release of emergency oil stockpiles to soften the market blow.

Source: Philippine Star March 11, 2026 16:02 UTC