<p><strong>GLOBAL: Oil prices dropped to about USD 93 a barrel on Friday as easing US-Iran tensions reassured traders,</strong> though prices remain higher than the pre-war level of USD 72.&nbsp;</p>

<p><strong>Market impact: &nbsp;On Sunday, OPEC+ raised July output targets by 188,000 barrels per day (bpd),</strong> yet analysts warn the closed Strait of Hormuz renders the move symbolic, with a reopening likely to flip market fears from shortage to surplus.&nbsp;</p>

<p><strong>LOCAL: The Philippines’ dollar reserves fell to USD 103.97 billion in May, </strong>the lowest in over a year.&nbsp;</p>

<p><strong>Market impact: According to the Bangko Sentral ng Pilipinas, the drop is due to debt payments,</strong> weaker gold prices, and the central bank’s moves to support the peso amid the Middle East war volatility.&nbsp;</p>

<p><strong>On May 29, the peso closed at PHP 61.59 per dollar, down from PHP 61.485 in April, </strong>after hitting a record low of PHP 61.75 earlier in the month.&nbsp;</p>