Is Marcos right in suspending the transport fare hike?

THE surge in global oil prices from $71 to $113 per barrel last week is largely attributed to the escalating war in the Middle East. Last week, Israel bombed Iran’s largest offshore gas field in South Pars, and Tehran responded by launching missile attacks on Qatar’s Ras Laffan oil hub, which sent energy markets reeling. The United States plans to release its strategic oil reserves while allowing Iran’s 140 million barrels of oil already in transit to be made available to global buyers. In reality, it is not as if the world is in short supply of oil. Global reserves…