U.S.-Iran Conflict and Sanctions Impact Thailand's Oil Supply and Economy
Thailand is exploring crude supply options with Oman due to vulnerabilities exposed by the U.S.-Iran conflict and Washington's maritime blockade. Although Thailand does not import Iranian oil, its economy is heavily reliant on Middle Eastern oil flows. The U.S.-Iran war has led to a significant reduction in traffic through the Strait of Hormuz, a critical route for global oil and LNG flows, affecting Thailand's oil imports. The blockade and secondary sanctions have increased shipping costs and insurance premiums, impacting Thailand's GDP, which is heavily dependent on energy imports.