The Philippines has become the world's first country to declare a state of national energy emergency in response to the conflict in the Middle East, BBC reported. 

President Ferdinand Marcos Jr said he had signed an executive order to safeguard energy security, citing the "imminent danger posed upon the availability and stability" of the country's energy supply.

The US-Israel war with Iran and the effective closure of the Strait of Hormuz - a key shipping route - have sent shock waves through global energy markets, causing shortages and price rises, according to BBC.