The ongoing US-Israeli war on Iran and its economic repercussions will dominate the agenda at the Association of Southeast Asian Nations (ASEAN) summit in Cebu, Philippines, this week.

President Ferdinand Marcos Jr., who chairs the summit, emphasized that discussions will center around bolstering regional preparedness to ensure stable energy supply and accelerate diversification to reduce vulnerability to external shocks.

Southeast Asian nations, heavily reliant on energy shipments funneled through the Strait of Hormuz, have been significantly affected by the closure due to the conflict.

The Philippines, which depends almost entirely on Middle Eastern crude oil imports, has declared a national energy emergency following local fuel price spikes.

Other countries in the region such as Cambodia, Laos, Myanmar, and Thailand have also faced petrol station supply shortages and operational halts, with industries struggling against rising raw material, operational, and logistical costs.

Marcos stated that this summit will be "very bare-bones," focusing on three main topics: oil, food, and migrant workers.

The summit is expected to produce a leaders' statement outlining ASEAN's collective response to the crisis and establishing foundations for stronger coordination in future emergencies.

ASEAN has agreed to maintain open trade and avoid restrictive measures while promoting regional cooperation to address both economic and energy implications of the war.

Tereso Panga, director general of the Philippine Economic Zone Authority, noted that the conflict has slowed economic growth and lowered projections across the region due to volatility in oil prices and availability.

Leaders will explore intensifying cooperation through sharing energy stocks, stabilizing supplies, and conducting joint exploration for oil and gas within the region.

This aims to reduce reliance on vulnerable supply lines through the Strait of Hormuz and enhance regional stability.