The Philippines suspended its wholesale electricity spot market Thursday, halting trading to prevent price spikes during an energy supply crisis. The emergency measure comes as the country faces heightened risks from global energy market volatility linked to Middle East tensions.

The suspension targets wholesale electricity spot trading, a mechanism that sets prices based on real-time supply and demand. By freezing this market, regulators aim to shield consumers from sudden price surges that could result from supply disruptions or speculative trading. The move reflects growing concerns about energy security in the region.

This marks the latest step in a series of emergency interventions to stabilize the country's power sector. The government cited Middle East conflict as a trigger for market instability, suggesting the crisis has rippled through global energy markets to affect Southeast Asian economies. The suspension will remain in effect until officials determine normal trading conditions can resume safely.