Oil prices dip on 3rd day of trading in world market

MANILA — Oil prices dipped on the third day of trading in the world market.

Based on the first three days of trading, oil prices have dropped by the following amounts:

• Diesel – P7.40/L decrease
  Gasoline – P1.80/L decrease
  Kerosene – P6.70/L decrease

Oil prices fell again as markets focused on the potential upside of renewed US-Iran diplomatic engagement.

Iran President Masoud Pezeshkian struck a defiant tone at the UN on Wednesday, where he spoke for the first time since Washington and Israel launched an all-out war on his country, vowing Tehran would never “bend at the knee.“

Pezeshkian said Tehran would not allow the Strait of Hormuz to be used as leverage against his country. Iran has choked off the vital waterway since the start of the war, causing global energy prices to spike. An estimated 25 percent of the world’s seaborne oil trade flows through the Strait.