OILS NEWS SPECIAL EDITION | 2ND MARCH 2026 | STRAIT OF HORMUZ CRISIS ⚠ MARKET ALERT: HIGH IMPACT EVENT IN PROGRESS
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Over 1.4 million people were evacuated from flood and coastal-prone areas across the Philippines ahead of Typhoon Fung Wong’s landfall, as emergency authorities issued a full alert. The typhoon hit northeastern Aurora as a “super typhoon” with sustained winds up to 185 km/h (115 mph) and gusts of 230 km/h (143 mph), leading to the closure of ports, government offices, and schools across Luzon.
In preparation, the Philippine Coast Guard suspended all sea travel, leaving over 6,600 passengers and crew stranded at numerous ports nationwide. This has led to delays for all container shipping out of the Philippines. Authorities evacuated hundreds of thousands from low-lying, coastal, and landslide-prone areas; more than 480,000 people took refuge in official evacuation centres.
Immediately after landfall, at least 149 areas in Central Luzon experienced widespread flooding, with reports of landslides in mountain towns and power outages across entire provinces.
Several towns in Aurora remain isolated due to landslides and blocked roads, which impede relief and assessment efforts.
President Marcos declared a state of emergency, urging the public to follow evacuation notices, as more than 30 million people across the country were believed to be at risk before the storm.
It is still early to fully assess the damage and its impact on the market in the coming weeks, but since we are in the middle of typhoon season and it still seems far from over, we know delays are inevitable. Factories are closed today, and ongoing rolling blackouts will likely cause production setbacks.
Even before Fung Wong, the industry experienced a 20% decline in output due to earlier typhoons and the 2024 El Niño drought, and supply chain issues are likely to persist or worsen.
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