The price of fuel has hit historic highs in the Philippines since treaty ally the US and Israel launched strikes on Iran on Feb 28, with the war forcing the partial closure of the vital Strait of Hormuz.

President Ferdinand Marcos declared a state of national energy emergency last week, later saying that “nothing was off the table” as the country of 116 million tried to meet its need for fuel.

Foreign secretary Theresa Lazaro said in a post on social media platform X today that she had explored “key avenues of operation” in a meeting with Iranian ambassador Yousef Esmaeilzadeh that also included Philippine energy secretary Sharon Garin.

“Building on the momentum of our Political Consultations last November 2025, we are committed to deepening our cooperation across all fronts, particularly energy cooperation,” she said of the meeting.

The foreign affairs department offered no further details of the meeting, but it comes just days after Malaysia announced its tankers would be permitted to pass through the Strait of Hormuz without paying any toll to Iran.

The Iranian embassy in Manila declined to comment on the meeting.

A stock exchange filing on Monday revealed that the Philippines’ sole oil refinery had secured nearly 2.5 million barrels of Russian crude out of “extreme necessity”.

AFP had previously reported that a tanker filled with Russian crude oil had arrived at the harbour servicing refinery operator Petron Corp, a purchase unthinkable before the US eased sanctions tied to Moscow’s war in Ukraine.