^{Photo credit: PCO}

President Ferdinand R. Marcos Jr. on Tuesday welcomed reports of a ceasefire agreement between the United States and Iran, saying the possible end of hostilities and reopening of the Strait of Hormuz would ease economic pressures felt by countries heavily dependent on global energy markets, including the Philippines.

Speaking during a joint press conference with German President Frank-Walter Steinmeier in Malacañang, Marcos described the development as “some of the best news that we could hope for” if the agreement is finalized and implemented.

“We await with bated breath the actual finalization of that agreement. Again, it is some of the best news that we could hope for if indeed it comes to fruition. That is what we are looking forward to,” Marcos said.

The President noted that the conflict in the Middle East had triggered economic disruption beyond the region, affecting countries worldwide through instability and higher costs.

“Because of the enormity of the problem, of the instability that this war has caused – it’s inevitable that it will take some time for us to adjust back to what will be the new normal,” he said.

For the Philippines, developments around the Strait of Hormuz carry significant implications for energy security and fuel prices. The waterway is one of the world’s most critical oil shipping routes, and concerns over potential disruptions have fueled volatility in global petroleum markets since the conflict began.

Marcos said he had seen reports that the ceasefire could immediately halt fighting, lift the US blockade, and reopen the Strait of Hormuz to commercial shipping.

The President expressed hope that the reported agreement would hold and help affected economies recover from the impact of the conflict.

“We hope, we pray that this is the case, that it is over, the war is over, and it will be a lasting peace,” he said.

He added that a lasting resolution would allow countries to restore economic stability and better shield consumers from price shocks linked to the petroleum crisis.

What are your thoughts on the potential impact of a lasting Middle East ceasefire on Philippine fuel prices and energy security?

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