00:00Oil prices jump about 7% to settle at their highest since 2022. This as Saudi Arabia and
00:06other OPEC members cut supplies amid the expanding US-Israeli war with Iran.
00:11During Monday's trading session, oil prices surged as much as 29%. They fell further in
00:17post-settlement trade, dropping more than 5% after Reuters reported that the Trump administration was
00:22considering easing sanctions on Russian oil to help lower global energy prices.
00:27Separately, Trump says he believes the war against Iran is very complete and that Washington is far
00:32ahead of his initial 4-5 week timeline. Meantime, in the Philippines, Energy Secretary Sharon Garin
00:38tells a congressional panel Tuesday's oil price hike will be the highest jump in history.
00:43Oil companies will adjust prices in the coming days. Gasoline will be up by 7 to 13 pesos,
00:49diesel from 1750 to 2425 pesos and kerosene by 32 to 3850 pesos per liter. Garin adds the department
00:57cannot control fuel prices because the oil industry is deregulated.
01:01We are hoping it's just one more week, but a price change of two weeks will have a longer effect
01:11in our economy, Mr. Chair, because the prices will re-adjust, fares will go up, and the structure will change.
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01:20Department of Defense Department of Defense Department of Defense Department of Defense Department of Defense Department of Defense Department of
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