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Businesses and economists took a deep breath after the US and Iran signed off on a deal to end their war and reopen the Strait of Hormuz, lifting optimism as oil prices fell, which could ease inflation and support potential economic growth.
Key facts
This is good news for Thailand, which previously imported roughly half its oil from the Middle East, though that proportion is now down to 20%,"
Businesses and economists took a deep breath after the US and Iran signed off on a deal to end their war and reopen the Strait of Hormuz, lifting optimism as oil prices fell, which could ease inflation and support potential economic growth.
Tanit Sorat, chairman of the National Labour Development Advisory Council, hailed the signing after more than three months of war rattling energy markets and spiking inflation.
However, the significant decrease in crude prices to around $75-78 per barrel on Thursday prompted the EIC to revise its oil price estimates for the year to $85-90 from $95.
The research centre lowered its inflation outlook this year to less than 3%, while upgrading Thai GDP growth to around 2% from 1.7% previously, said Mr Poonyawat.
The deal calls for Washington to commit to immediately waive oil sanctions and facilitate the release of a $300-billion reconstruction fund, while Tehran agrees to dilute its enriched uranium as talks on a longer-term agreement are held.
Summary
Tanit Sorat, chairman of the National Labour Development Advisory Council, hailed the signing after more than three months of war rattling energy markets and spiking inflation.
"This is good news for Thailand, which previously imported roughly half its oil from the Middle East, though that proportion is now down to 20%," he told the Bangkok Post.