Philippines races to secure oil: Marcos orders direct talks with Iran as Hormuz risks deepen

DUBAI 22°CGOLD/FOREXPRAYER TIMESNEWSLETTERSLOGIN GOLD/FOREXDUBAI 22°CPRAYER TIMES WORLDWORLDGULFMENAEUROPEAFRICAAMERICASASIAAUSTRALIA-NEW ZEALANDCORRECTIONS World / MenaPhilippines races to secure oil: Marcos orders direct talks with Iran as Hormuz risks deepenManila seeks ‘neutral passage’ deal with Iran to keep oil flowing as pump prices skyrocket Manila: As tensions in the Middle East continue to disrupt global energy flows, President Ferdinand Marcos Jr. has ordered urgent diplomatic talks with Iran to ensure the safe passage of Philippine-bound oil tankers through the Strait of Hormuz. Malacañang said the directive emerged from a meeting of the government’s "Uplift Committee", formed under a national energy emergency order to protect the country from rising fuel costs and supply disruptions. Palace officials confirmed that Foreign Secretary Theresa Lazaro has been tasked to engage Iranian Ambassador Yousef Esmaeil Zadeh in high-level discussions. The urgency is clear: the Philippines imports about 98% of its crude oil from the Middle East, making it highly vulnerable to conflict-driven disruptions. Earlier, Petron Corporation reported that a 2-million-barrel shipment failed to pass through Hormuz, while another cargo was cancelled — forcing the firm to source emergency supplies from Russia. The narrow strait is a geopolitically strategy a route that carries roughly 20% of the world’s oil supply Iran has insisted the strait remains open — but only under conditions. In statements relayed to the United Nations Security Council and the International Maritime Organisation, Tehran said “non-hostile” countries may pass if they coordinate with Iranian authorities. Several Asian countries — including China, India, and Pakistan — have already secured such arrangements, while Malaysia and Thailand followed after recent shipping incidents. According to government data, there were 1,181 Filipinos in Iran in 2023, most of whom are permanent residents married to Iranians. Estimates suggest there are approximately 7,000 Iranians living in the Philippines, according to a 2015 report.  The Department of Energy says the country has about 51 days of fuel supply, with over 1 million barrels of diesel secured for April deliveries from Japan, Malaysia, India, and Oman. Emergency supplies are also being explored with partners as far as the United States, Canada, and Russia. Malacañang has not provided the exact number of Philippine-bound tankers that would need assurance of safe passage through the strait where 20% of the world’s oil supply passes. 1. Direct talks with Iran underwayManila is moving to secure “neutral passage” status for its oil tankers. 2. Extreme import dependenceThe Philippines relies on the Middle East for nearly all its crude oil. 3. Hormuz as a geopolitical choke pointIran is using access to the strait as leverage, potentially including tolls and restrictions. 4. Race against timeWith limited reserves and disrupted shipments, the government is scrambling to diversify supply sources. The Philippines — while a treaty ally of the United States — is pursuing pragmatic diplomacy with Iran to safeguard energy security. The move reflects a broader regional reality: in a fractured geopolitical landscape, even US-aligned countries are negotiating directly with Tehran to keep oil flowing. As the conflict grinds, one truth is becoming unavoidable: access to energy is no longer just about markets — it’s about diplomacy, timing, and survival. Hormuz toll 'unacceptable': Rubio drops hammer on Iran What's happening with Iran-US 'talks'? Iran’s rejection of US plan shows hardliners’ sway Saudi forces down drones, Iran vows to target oil tanks