MANILA, Philippines — The Philippine peso hit a fresh record low on Monday morning, sinking to ₱60.82 against the US dollar as intensifying Middle East tensions sparked a global "flight to safety."

The local currency opened at ₱60.55 before weakening further in morning trade. Analysts attribute the dollar’s surge to investor anxiety over a potential US ground offensive and the involvement of Yemen’s Houthi rebels in the conflict.

Oil Prices Surge Past $100

The geopolitical instability has also sent energy markets reeling. Both major global benchmarks saw significant jumps on Monday:

US WTI: Climbed 3.5% to $103.13 per barrel.
Brent Crude: Rose nearly 3% to hit $115.93 per barrel.

With no immediate end in sight for the regional war, experts warn that the combination of a weak peso and skyrocketing crude prices will likely drive up local inflation and transport costs in the coming weeks.

Posted by: Alma Angeles/NET25 News