As the conflict in Iran drives up oil prices and disrupts supplies, ASEAN has pledged to avoid trade restrictions and is moving forward with a fuel-sharing initiative.

"We will maintain open and predictable trade. ASEAN has agreed to refrain from restrictive trade measures, including bans on the export of essential goods," stated Philippine Trade Secretary Cristina Roque during a press conference held Thursday following a meeting with regional economic ministers.

"In times of uncertainty, predictability means stability, and stability begins with keeping goods flowing across borders," she added.

She also noted that ASEAN is committed to securing approval for an agreement that would coordinate emergency fuel sharing in the event of supply disruptions.