Oil prices climb for fourth straight trading day amid Middle East tensions

Floyd Brenz., Philippine Canadian Inquirer
September 03, 2026

Photo Courtesy: PETRON

PHILIPPINES – Global oil prices continued to rise for the fourth straight trading day, raising the prospect of another fuel price increase in the Philippines.

The latest movement comes as renewed tensions between the United States and Iran fuel concerns over possible disruptions to global oil supplies, particularly through the Strait of Hormuz.

Based on the first four trading days of the week, diesel prices are projected to increase by ₱4.60 per liter, while gasoline is also seen moving higher.

The continued climb in global prices comes after Philippine motorists already faced two consecutive weeks of fuel price hikes, with the increases adding to transportation and household costs.

The final adjustment will depend on the remaining trading days and the movement of global oil prices before local oil companies announce their official price changes.

For motorists, the latest trend could mean another hit at the pump, as geopolitical tensions continue to ripple through the global energy market.