<p><strong>GLOBAL: Iranian officials are expressing pessimism about reaching an agreement with the US</strong> to end ongoing hostilities and reopen the Strait of Hormuz before the US midterm elections in November.</p>

<p><strong>Market impact: Oil prices advanced as persistent geopolitical tensions outweighed Saudi Arabia's pipeline resumption, </strong>while US equities retreated amid an escalating Treasury selloff.</p>

<p><strong>Mediators will hold separate discussions with the US and Iran this week</strong> to review Iran's seven-day proposal.</p>

<p><strong>LOCAL: The government announced a temporary suspension of excise taxes on LPG and kerosene starting September 30, </strong>a reduction of PHP 3 per kilogram of LPG and PHP 5 per liter of kerosene.</p>

<p><strong>Market impact: The PSEi retreated alongside the peso, </strong>pressured by escalating Middle East tensions and heightened inflation concerns.</p>

<p><strong>Standard tax rates will revert either three months after enactment </strong>or one week after Dubai crude's one-month average price falls below USD 80 per barrel, whichever occurs first.</p>