Leaders from Southeast Asia were meeting in the Philippines on Friday for an annual summit, which this year is focused on addressing the damaging impacts of the war in the Middle East . The US-Israeli war with Iran and Iran's regional retaliation have caused major disruptions to energy markets and global oil supplies. Southeast Asian nations are particularly reliant on oil and LNG imports via the Strait of Hormuz , which has been blockaded by both Iran and the US for weeks . The disruption has caused fuel and electricity prices to soar, while rising fertilizer costs are impacting food prices. Higher jet fuel costs have also made commercial air travel more expensive, reducing tourism demand in the region . Philippines' president calls for 'collective' approach to safeguard energy supplies The summit is being held on the central Philippines island of Cebu.…