OILS NEWS SPECIAL EDITION | 2ND MARCH 2026 | STRAIT OF HORMUZ CRISIS ⚠ MARKET ALERT: HIGH IMPACT EVENT IN PROGRESS
March 2, 2026
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A magnitude 7.4 earthquake struck offshore near Davao, Mindanao, Philippines this morning. Local authorities and the Philippine Institute of Volcanology and Seismology reported that the quake triggered tsunami alerts and prompted evacuation along coastal areas. Still, these warnings were later lifted after no significant tsunami was detected.
Initial reports confirm some structural damage in schools, hospitals, and other buildings across the affected region, with temporary power disruptions and several aftershocks experienced throughout the day. Importantly for our partners, there are no current reports of major damage to the coconut factories or disruption in core agricultural supply chains that we work with in the area.
Rescue and assessment operations continue, and local officials remain vigilant for aftershocks. We will continue to monitor the situation closely and provide updates as needed, prioritising safety and continuity of supply.
Our thoughts are with everyone affected by this earthquake.
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