Philippines Triggers Energy Emergency As Iran War Chokes Global Oil Lifeline [Video]

The global oil squeeze just hit a breaking point, and the Philippines is officially sounding the alarm. The government has declared a national energy emergency as the ongoing conflict involving Iran continues to choke off key oil routes and send prices climbing worldwide.

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Philippine President Ferdinand Marcos Jr. made it clear the stakes are serious, warning that the war threatens “the availability and stability of the country’s energy supply.” So now, officials are stepping in with emergency powers to control fuel pricing and secure new imports, including potential deals with Russia.

Right now, the country reportedly has about 45 days of fuel left under normal conditions. That clock is ticking.

The pressure is not just local. The shutdown of the Strait of Hormuz has disrupted nearly 20 million barrels of oil per day, a route that carries about one-fifth of the world’s supply. Since roughly 80 percent of that oil heads to Asia, countries across the region are feeling the squeeze fast.

South Korea has already launched energy-saving campaigns, while Japan is preparing to tap into its emergency reserves. Thailand and Vietnam are also urging citizens to cut back on usage.

Meanwhile, Fatih Birol warned the crisis could outpace the oil shocks of the 1970s, calling it a “major, major threat” to the global economy.

And if this continues, nobody is sitting this one out.