Fuel prices seen rising next week as Middle East tensions push oil higher

Floyd Brenz., Philippine Canadian Inquirer
August 21, 2026

Photo Courtesy: Petron

MANILA – Motorists may face another increase at the pumps next week as global oil prices climb amid renewed geopolitical tensions and concerns over disruptions to crude supplies.

Jetti Energy president Leo Bellas said diesel prices could rise by P1.75 to P2.25 per liter, while gasoline may increase by P1 to P1.50 per liter.

Bellas said the uptick in international oil prices was driven largely by fading hopes of a diplomatic resolution to the US-Iran conflict and uncertainty over the normalization of shipping through the Strait of Hormuz.

Markets are also factoring in potential disruptions to Russian oil supplies following loading problems in the Black Sea, adding pressure to already fragile global fuel inventories.

The ongoing conflict in the Middle East remains a major concern as military actions threaten crude shipments through the Strait of Hormuz and the alternative Red Sea route.

Continued attacks on Russia’s refining sector are also tightening global fuel supplies, further raising the possibility of higher pump prices in the Philippines next week.