Council president Chaichan Charoensook said the most critical risk lies in the strategic Strait of Hormuz, a key transit route for global oil shipments from Persian Gulf countries.
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Council president Chaichan Charoensook said the most critical risk lies in the strategic Strait of Hormuz, a key transit route for global oil shipments from Persian Gulf countries.
“If the Strait of Hormuz were to be closed, oil prices would undoubtedly skyrocket, affecting the global economy that relies on oil. As Thailand is a major oil importer, it will certainly be impacted by rising oil prices. Therefore, the situation is worrisome and should be closely monitored,” Chaichan said.
The Strait of Hormuz is one of the world’s major oil transportation routes and 21% of global oil shipments pass through that route.
In 2023, nearly 50 per cent of Thailand’s imported energy, including crude oil, natural gas, and refined oil, came from Middle Eastern countries.
A closure of the Strait of Hormuz due to war would seriously affect the country’s crude oil supply, leading to…