<p><strong>GLOBAL: </strong>US President Donald Trump announced the reinstatement of a naval blockade on Iran and proposed a 20% fee for commercial vessels transiting the Strait of Hormuz.&nbsp;</p>

<p><strong>Market impact:</strong> US equities declined while oil sustained gains on inflation concerns.&nbsp;</p>

<p><strong>Oil prices are expected to trend upward as shipping fees could reach around USD 30 million per USD 150 million cargo. </strong>Furthermore, market volatility has intensified following threats of imminent US military action against Iran.&nbsp;</p>

<p><strong>LOCAL: </strong>Effective next week, the Department of Energy will transition from flexible price ranges to fixed fuel pricing to mitigate market uncertainty caused by heightened geopolitical volatility.&nbsp;</p>

<p><strong>Market impact: </strong>The peso depreciated and the PSEi declined following the recent escalation between the US and Iran.&nbsp;</p>

<p><strong>Further fuel price hikes are likely in the near term </strong>as renewed military conflict points to continued upward pressure at the pump.&nbsp;</p>