Trust is the new oilMost people do not wake up thinking about the Strait of Hormuz, OPEC+, Iran, petrodollars or tanker insurance. What is happening now is not just an oil crisis. That is why the current spike in oil prices is deceptive. But the bigger issue is that this is really a shipping, insurance and confidence shock wearing an oil costume. President Marcos has already announced measures to cushion the impact of rising oil prices, including fuel subsidies, energy-saving directives and efforts to keep supplies stable.

Source: Philippine Star April 06, 2026 16:35 UTC