<p><strong>GLOBAL: The US military has initiated targeted retaliatory strikes against Iran</strong> following the downing of a US helicopter near the Strait of Hormuz.</p>

<p><strong>Market impact: Oil prices surged as fresh US strikes on Iran rattle energy markets. Meanwhile,</strong> US stocks declined due to the fading momentum.</p>

<p><strong>Oil prices are expected to stay at the USD 90 to 100 per barrel level due to troubles at the Strait of Hormuz. As of June 9,</strong> only nine cargo vessels and tankers have passed through the strait, lower than the historical average of 138</p>

<p><strong>LOCAL: The national unemployment rate eased to 4.7% in April, down from 5.0% in March.</strong> However, the underemployment rate surged from 12.3% to 15.2%, as jeepney, taxi, and bus drivers were forced to seek secondary sources of income amid rising prices.</p>

<p><strong>Market impact: Markets focused on the initial easing of geopolitical tensions,</strong> with both the Philippine Stock Exchange index and peso showing signs of recovery.&nbsp;</p>

<p><strong>Sectors such as transportation and trade are expected to remain affected by the ongoing Middle East conflict,</strong> while resilience is observed in technology manufacturing and the BPO sector.&nbsp;</p>