Thailand Prepares for Potential Oil Price Spike Amid US-Iran Conflict

Thailand's Energy Ministry is warning of potential further increases in global oil prices due to ongoing conflict between the US and Iran. The ministry has been closely monitoring the situation, which has already led to a significant rise in crude prices.

Brent crude has increased by 7.4% from $88.13 to $94.65 per barrel, while US West Texas Intermediate crude is up 8.2% from $83.38 to $90.22 per barrel. Dubai crude has also risen by 7.32% from $82.70 to $88.75 per barrel.

The ministry expects international energy prices to remain volatile and may continue to rise while the conflict continues. To mitigate the impact on households, the government will maintain measures such as a refinery-gate diesel price reduction until September 15, 2026, and use the Oil Fuel Fund to manage domestic prices.