The Philippines declared a state of emergency in the energy sector due to the US-Israeli conflict with Iran, announced President Ferdinand Marcos Junior, warning of an "imminent threat to energy supply and domestic economic stability."

A crisis committee has been formed to ensure stable distribution of fuel, food, medicine and basic necessities, aiming to mitigate the consequences of the global energy crisis.

The key driver behind this decision is the Middle East escalation and disruptions in oil supply, particularly through the Strait of Hormuz - a critical global energy route. Unlike the US and Europe, Southeast Asian countries are heavily dependent on oil passing through this strait, which Iran effectively restricts by only allowing passage to "friendly" nations.

Facing the growing crisis, the Philippines plans to import Russian oil this month for the first time in the last five years. This represents a significant shift in the country's energy policy and a direct response to market instability caused by the conflict.

Experts warn that continued escalation and blockades of key maritime routes could cause deeper disruptions to global energy supply, with serious consequences for economies around the world.