The Philippine peso could slide back past the 59-per-dollar mark if oil prices climb and stay elevated amid the war in the Middle East, a development that would strain energy-importing economies such as the Philippines.

In a note to clients, MUFG Global Markets Research said the local currency might trade between 58.50 and 59.50 against the US dollar should crude prices hold at around $90 a barrel.

Sustained gains in global energy costs, it said, would swell the country’s already heavy import bill, adding pressure on the peso.