Willie Walsh, director general of the International Air Transport Association, told reporters in Singapore that while crude prices had fallen below $100 per barrel following a U.S.-Iran ceasefire announcement, jet fuel costs were likely to remain elevated due to constraints on refining output.

“If it were to reopen and remain open, I think it will still take a period of months to get back to where supply needs to be given the disruption to the refining capacity in the Middle East,” Walsh said, adding that the region is critical to global supply of refined products beyond aviation fuel.

The Strait of Hormuz, which carries about a fifth of the world’s oil trade, has been heavily disrupted during the recent conflict, squeezing fuel availability and driving up costs across the aviation sector.

Airlines in Asia have responded by cutting flights, carrying additional fuel from origin airports and adding refueling stops, measures that have increased operational costs for carriers already dealing with a sharp rise in jet fuel prices.

The impact has been most acute in import-dependent markets such as Vietnam, Myanmar and Pakistan, where supply constraints have tightened further after China and Thailand halted jet fuel exports and South Korea capped shipments at previous levels.

Walsh said a resumption of crude flows could encourage exporters such as China and South Korea to restart shipments of refined products, easing pressure on the market over time.

However, he noted that higher refinery margins, known as crack spreads, would be needed to incentivize increased jet fuel production.

“There is capacity available once we get the crude oil flowing, but it’ll take a little bit of time,” Walsh said.

The vessels, BW Tyr and BW Elm, are expected to arrive in Mumbai on March 31 and New Mangalore on April 1, respectively, according to a statement from the petroleum ministry.The transit comes as shipping through the strategic chokepoint has been severely curtailed by the conflict, with Iran allowing passage only to what it has described as “non-hostile vessels” that coordinate with its authorities.

The two tankers are among a small number of Indian-flagged vessels to successfully navigate the strait in recent days. Four LPG carriers have already completed the crossing, while three more remain in the western section of the waterway, according to ship tracking data.

A total of 18 Indian-flagged vessels with 485 Indian seafarers are still in the western Gulf region, the government said, underscoring continued exposure to maritime risks in the area.Energy dependence in focusIndia, the world’s second-largest importer of LPG, consumed 33.15 million tons of the fuel last year, with imports meeting roughly 60% of demand.

About 90% of these imports originate from the Middle East, making the Strait of Hormuz a critical artery for the country’s energy security.

Despite disruptions in maritime traffic, port operations across India remain normal with no congestion reported, the government added.

Marcos told reporters he had consulted counterparts across the 10-member bloc on whether to postpone the gathering, but leaders agreed that coordination was more critical given the external shocks affecting fuel supply chains, food prices and migrant workers.

“The consensus that we came to is that it is precisely now that we must coordinate our efforts,” Marcos said.

The streamlined agenda will concentrate on immediate economic pressures facing Southeast Asia, including volatility in energy markets and rising food costs, which governments in the region are monitoring closely as geopolitical tensions persist.

ASEAN economies are particularly sensitive to fluctuations in global fuel prices due to their reliance on imports, while supply chain disruptions have added strain to domestic inflation dynamics in several member states.

Marcos said discussions would also address the welfare of migrant workers, a key issue for ASEAN countries that rely heavily on overseas employment. Regional governments have been assessing the impact of instability in the Middle East, a major destination for Southeast Asian labour.

The Philippine government has already flagged concerns about overseas workers in affected areas, reflecting broader anxieties across ASEAN about potential displacement and income disruptions.

The decision to proceed with the summit underscores ASEAN’s preference for continuity in regional dialogue despite global uncertainty. Marcos indicated that postponement was considered but ultimately rejected in favour of maintaining diplomatic engagement.

The summit is expected to retain core leadership interactions while scaling back ceremonial and extended policy sessions, reflecting what Marcos described as a need for efficiency under current conditions.

The acquisition marks a forward-looking move to enhance fuel supply flexibility, reinforce domestic energy security, and support the UK’s evolving energy infrastructure through integration with the Humber Refinery.

Phillips 66 has announced the acquisition of key assets and infrastructure from Britain’s Lindsey oil refinery, signaling a strategic expansion of its operations in northern England. The move reflects the company’s long-term commitment to the UK energy market and its focus on resilient, integrated refining and storage networks.

The Lindsey refinery, located near Immingham, ceased operations last year following the insolvency of its previous owner. Rather than reviving the site as a standalone refinery, Phillips 66 plans to integrate the most valuable infrastructure into its nearby Humber Refinery complex.

This integration is expected to enhance supply flexibility across the region, allowing the Humber site to operate more efficiently while supporting both traditional fuels and emerging renewable fuel production. The approach aligns with broader industry trends favoring optimized, multi-functional energy hubs.

By incorporating storage and logistical assets from Lindsey, Phillips 66 aims to strengthen its ability to respond to fluctuations in fuel demand and supply. This is particularly important as the UK navigates energy transition challenges alongside the need for reliable conventional fuel availability.

Company representatives have emphasized that the acquisition followed a detailed and competitive review process. The decision reflects careful assessment of asset viability, long-term value, and alignment with Phillips 66’s strategic priorities in refining, storage, and distribution.

Over the coming months, the company will develop detailed integration plans to ensure the acquired assets are seamlessly absorbed into its UK portfolio. This phased approach is designed to maximize operational efficiency while maintaining high safety and environmental standards.

The acquisition has also been welcomed by government voices as a positive step for domestic energy security. Strengthening infrastructure in the Humber region is seen as supporting the UK’s capacity to supply fuel to customers while reducing reliance on external shocks.

In addition to operational benefits, the transaction is expected to generate economic activity, particularly through construction and infrastructure development over the next several years. These projects are anticipated to create hundreds of jobs, contributing to regional growth and skills development.

While the Lindsey site will not return to full refining operations, its continued use as part of a larger integrated complex ensures that critical infrastructure remains productive rather than dormant. This outcome is viewed as a pragmatic solution following the site’s liquidation.

Phillips 66 has acknowledged the human impact of the refinery’s closure and stated that it will continue to assess how the newly acquired assets may create future employment opportunities as integration plans progress. The company has highlighted its intention to act responsibly as it expands.

The acquisition was conducted through a formal bidding process overseen by professional managers, ensuring transparency and fairness. It underscores continued investor confidence in the UK’s energy infrastructure, even amid market volatility and structural change.

Overall, the deal reinforces Phillips 66’s position as a major player in the UK refining and fuels market. By focusing on integration, flexibility, and long-term value, the company is positioning itself to support the country’s energy needs during a period of transition and uncertainty.

The company’s approach highlights its adaptability, transparency, and focus on long-term energy security in an evolving geopolitical landscape.

The announcement comes as global energy markets undergo rapid change due to shifting trade policies and sanctions targeting Russian oil producers.

Despite these challenges, Reliance remains focused on ensuring that its refinery operations continue without disruption, supported by its well-diversified sourcing strategy and strong international partnerships.

Reliance operates the world’s largest refining complex in Jamnagar, Gujarat, processing over 1.4 million barrels of crude oil per day.

This massive capacity enables the company to serve both domestic and international markets, including Europe, while adjusting seamlessly to global regulatory requirements.

Its strategic flexibility reflects the company’s deep expertise in energy management and risk mitigation.

By stating that its supply contracts will evolve in line with new market and regulatory developments, Reliance has demonstrated its readiness to balance compliance with business continuity.

The company’s long-standing relationships with global suppliers, built on trust and transparency, continue to strengthen its position as a responsible global energy player.

Reliance’s diversified crude sourcing strategy allows it to efficiently adapt to market shifts while ensuring the consistent production of refined fuels essential to global supply chains.

Its strong procurement network spans multiple countries, enabling it to respond quickly to sanctions, trade restrictions, and economic fluctuations without affecting output or quality.

The recent decision to adjust sourcing practices follows the latest sanctions announced by the United States, the European Union, and the United Kingdom on Russia’s major oil firms.

Reliance’s proactive compliance stance reflects its understanding of global accountability and its commitment to maintaining alignment with the international community.

As one of India’s most influential companies, Reliance continues to uphold India’s image as a responsible participant in the global energy sector.

The company’s adherence to evolving regulations not only ensures operational stability but also strengthens investor confidence and reinforces India’s reputation as a dependable trade partner.

Reliance’s approach underscores the importance of responsible corporate governance in times of international uncertainty.

By aligning with Western sanctions and maintaining ethical business practices, the company ensures that it operates within the framework of global law while protecting its long-term strategic interests.

Its ongoing investment in innovation, sustainability, and cleaner energy technologies complements this compliance strategy.

Reliance has consistently emphasized the need to balance energy demand with environmental and ethical responsibility, working toward a more sustainable future through modernization and diversification.

The company’s forward-looking policies also help stabilize the domestic energy market, ensuring that India’s industrial and consumer sectors continue to receive reliable fuel supplies.

This balance of global engagement and national interest has positioned Reliance as a cornerstone of India’s energy resilience.

As the energy landscape continues to evolve, Reliance’s example sets a benchmark for how global corporations can adapt to new challenges without compromising integrity or efficiency.

Its commitment to responsible trade, technological advancement, and market flexibility highlights the values that drive the company’s long-term growth and global standing.

By combining compliance with innovation, Reliance Industries Ltd continues to chart a path of stability, reliability, and progress — one that not only safeguards its business interests but also contributes to the broader goal of global energy harmony and sustainable development.