Oil and fuel prices surge as Middle East tensions escalate | Business 360 | March 20, 2026

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• Prices for oil and fuel cargoes smash record highs as escalation in the Middle East soars. Global markets brace for prolonged volatility.

• The local currency jumps past ₱60 to the dollar. A weaker peso raises pressure on inflation and imports.

• Several European countries and Japan are now ready to help secure the Strait of Hormuz after earlier hesitation from some allies. A broader coalition signals rising stakes in global energy security.

• Global debt watcher Fitch warns that the Iran war could threaten the Philippines’ bid for an “A” credit rating. Investor confidence may hinge on how risks are managed.

• The world tour of K-pop group BTS is expected to surpass Taylor Swift’s record-breaking Eras. Entertainment demand surges despite global uncertainty.

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