<p><strong>GLOBAL: </strong>US President Donald Trump vowed that Iran will pay for the recent deaths of three soldiers, even as mediators push for a truce to halt the conflict.</p>

<p><strong>Market impact:</strong> Markets retreated as rising Middle East tensions drove gains in oil and US Treasury yields, while equities declined.</p>

<p>The conflict also threatens to spill over into neighboring countries. Iran-backed Houthi militants in Yemen have announced plans to blockade Saudi Arabian ports on the Red Sea.</p>

<p><strong>LOCAL:</strong> Local gasoline prices are expected to rise by up to PHP 3.65 per liter starting July 21, while diesel and kerosene will increase by up to PHP 10.68 and PHP 11.77 per liter, respectively.</p>

<p><strong>Market impact:</strong> The peso depreciated amid rising oil prices fueled by US-Iran tensions, while the PSEi held above the 6,400 level on optimism about corporate earnings.</p>

<p><strong>Energy Secretary Sharon Garin announced that the government is actively appealing to retailers</strong> to provide discounts for PUVs and to spread out the heavy price hikes over several days.</p>