Philippine President Ferdinand Marcos Jr. declared a state of national emergency on March 24 due to the impact of the Iran war on global oil supply and prices, The Straits Times reported the next day. The government said the country has roughly 40-45 days of fuel reserves and is seeking additional imports while activating emergency powers to manage supply and distribution.

The supply crunch in the Strait of Hormuz is drastically impacting the Philippines, which imports more than 90% of its crude and refined fuel needs, with a substantial share coming from Middle Eastern suppliers.