<p><strong>GLOBAL: Saudi Arabia shut down its East-West Crude Oil Pipeline, </strong>a critical bypass route around the Strait of Hormuz amid escalating regional conflict.</p>

<p><strong>Market impact: Oil ticked up after the pipeline closure, </strong>while the US 10-year Treasury yield surpassed 5% and the dollar strengthened amid rising inflation and supply concerns.</p>

<p><strong>The Saudi Ministry of Energy maintains that the shutdown is a precautionary measure.</strong> However, the closure is expected to persist at least in the near term.&nbsp;</p>

<p><strong>LOCAL: The House Committee on Appropriations approved the proposed PHP 7.2-trillion national budget for 2027 before it reaches the floor for plenary debates.</strong></p>

<p><strong>Market impact: The PSEi advanced, driven by bargain hunting, </strong>while the peso depreciated to a record low of PHP 62.86 per US dollar amid anticipated Federal Reserve rate hikes.&nbsp;<br>&nbsp;</p>

<p><strong>Although the bill passed the committee level intact, realignments remain on the table. </strong>Additional funding is heavily being considered for both education and agriculture programs.</p>