Cover Story: Energy Shockwaves From U.S.-Iran War Hit Global Economy

Raffy, who works in Manila, usually drives the three-hour journey home for the Easter holidays. Shortly after midnight on April 1, however, he found himself stranded at a packed bus terminal, as soaring fuel costs upended his travel plans. Diesel prices in the Philippines have more than doubled since the U.S.-Iran conflict erupted in late February, turning routine travel into an increasingly expensive luxury.