One country declares state of emergency: war in the Middle East threatens energy sector

Philippine President Ferdinand Marcos Jr. has declared a national energy emergency in the country due to risks to fuel supplies amid the war in the Middle East.

This is reported by Al Jazeera.

The decree notes that the decision was made due to the threat to the stability of energy supply and possible disruptions to resources.

The Philippine government fears rising fuel prices and a negative impact on the economy due to global energy market instability.

Earlier, Iranian media reported that the US and Israel had struck energy infrastructure in Isfahan and Khorramshahr .

As a reminder, the global gas market is facing a shortage due to the war in the Middle East and the blockade of the Strait of Hormuz. Fuel shortages could begin within 10 days amid a sharp reduction in supplies .