Manila, April 13 -- Malacanang on Monday expressed concern over the failure of ceasefire talks between the United States (U.S.) and Iran, warning of continued risks to global oil supply and prices.

Palace Press Officer Claire Castro said the development is "not good news," as the Philippines and the rest of the world are hoping for a lasting resolution to tensions in the Middle East.

"Hindi siya magandang balita dahil ang nais po natin... ay magkaroon na po talaga ng permanenteng pagtigil ang sigalot dito sa Middle East (This is not good news because what we want is a permanent end to the conflict in the Middle East)," Castro said.

The talks between the U.S. and Iran reportedly collapsed following high-level negotiations in Pakistan, d...