ASEAN pushes for ratification of petroleum supply security agreement

Moscow (ANTARA) - ASEAN countries are accelerating the ratification of the petroleum supply security agreement amid the Middle East conflict, according to a Manila Bulletin report on Thursday (30/4).

Philippine Trade Minister Cristina Roque said ASEAN is advancing the ratification of the ASEAN Framework Agreement on Petroleum Security (APSA) to ensure a stable and resilient energy supply.

Under APSA, ASEAN countries can implement coordinated emergency measures, including sharing oil supplies, to address ongoing energy supply disruptions.

On 28 February, the United States and Israel launched attacks on targets in Iran, including in Tehran, causing damage and killing civilians.

Iran then retaliated by attacking Israeli territory as well as US military facilities in the Middle East.

The escalation of the conflict has disrupted the Strait of Hormuz, the main shipping route for oil and gas from Persian Gulf countries to global markets.

This situation has driven up oil and gas prices in various countries.