Iran says Strait of Hormuz stays shut until US meets its conditions; Philippines remains exposed on oil
Qalibaf said on October 4 that Iran will keep Hormuz closed until seven conditions drawn from the June Islamabad MoU are met (Anadolu and other outlets). Araghchi presented a seven-day plan at the UN on September 25: days 1 to 5 ease pressure and prepare, day 6 reopens the strait, and day 7 opens talks on a final deal, per reconstructions by Al Jazeera and the Tehran Times because no official English text exists. WTI settled at $91.11 on October 2, down 1.90%. The Philippines declared a national energy emergency under Executive Order 110 on March 24 (PNA, Rappler).
Roughly a fifth of the world's oil normally passes through Hormuz. With the Philippines importing nearly all its crude from the Gulf, a prolonged closure keeps fuel, transport and electricity costs high.
Expect fuel and commuting costs to stay sensitive to news from the Gulf. Weekly price adjustments on Tuesdays reflect the previous week's oil costs.
Talks through mediators continue and both sides are exchanging messages, which keeps a deal possible.
Each side sets conditions the other has not accepted, so the strait may stay shut for some time.
Do not read the oil price as the story. Watch whether Washington answers the seven-day plan and whether Tuesday's pump adjustment moves. A reopening would likely show up first in diesel.
DailyDrop Philippines edition No. 1 · Morning · MON., OCT. 5, 2026