The widening conflict in the Middle East is expected to dominate discussions at Friday’s ASEAN economic ministers’ retreat, with foreign ministers also holding a virtual meeting on the same day to tackle a deepening crisis that has upended global markets, Reuters reports.

The Philippines, this year’s ASEAN chair, is hosting the meetings as officials weigh impacts and responses to surging oil prices as well as disruptions to shipping, logistics, and trade flows across the region’s export-reliant economies.

“The concern is a given,” Philippine trade undersecretary Allan Gepty told reporters, saying the region could not ignore the effects of the crisis on inflation and jobs.

The Philippines sources much of its oil needs from the Middle East and Qatar’s LNG halt has also tightened supplies.