Thailand’s SET Index opened with a drop of around 2.5% to 1,489.36 points, before paring some losses to hover above the 1,500 resistance level, currently down 1.80%. The drop is driven by deepening concern over escalating unrest in the Middle East, which has sent crude oil prices surging by more than 7% and pushed gold sharply higher as investors seek safe-haven assets.
Gold futures surged close to $5,400 per ounce at the open, with spot prices also advancing more than 2%, as heightened geopolitical concern in the Middle East sparked renewed safe-haven buying. The rally in gold comes as investors shift toward risk-averse positioning amid fresh developments in US-Israel military actions involving Iran.
Energy prices soared and equity markets faced broad declines on Monday as intensifying hostilities in the Middle East prompted traders to seek safer assets. Oil and gold both climbed sharply amid growing fears that the regional conflict could extend for weeks, fueling volatility in global financial markets.
Brent crude rose by 7.5% to reach $78.34 per barrel, while U.S. West Texas Intermediate advanced 7.3% to $71.88 a barrel. Gold gained more than 2%, climbing to nearly $5,400 an ounce as investors favored traditional safe-haven assets. The heightened risk-off sentiment also led to increased flows into the U.S. dollar and government bonds.
Yesterday, Mr. Auttapol Rerkpiboon, Minister of Energy, revealed that due to Iran’s closure of the Strait of Hormuz, he has urgently ordered the implementation of measures to suspend oil exports to reserve national energy security.
The minister also instructed the establishment of an Emergency Energy Situation Monitoring Center to closely follow developments, requiring all agencies to assess impacts, prepare plans and measures for reserves and pricing, and prepare to utilize the Oil Fuel Fund to compensate for oil prices in order to mitigate the effects on goods prices and the cost of living due to the rising global oil market prices.
As for Thailand’s oil reserves as of March 1, 2026, the country has remaining oil (crude oil and refined oil) totaling 4,877 million liters, sufficient for 38 days of consumption. Crude oil currently in transit (already passed through the Strait of Hormuz) amounts to 1,666 million liters, and oil from other sources totals 1,117 million liters, sufficient for 22 days of consumption. In total, oil reserves stand at 7,660 million liters, enough for 60 days. In addition, the Ministry of Energy conducts regular inspections of oil reserves at storage facilities nationwide. On February 13 and 25, 2026, inspections were conducted on refined oil and crude oil reserves respectively, which found that Thailand’s oil reserves are adequate as specified.
Furthermore, the Minister of Energy ordered the Department of Mineral Fuels to prepare plans to increase natural gas production in the Gulf of Thailand and to postpone maintenance schedules for natural gas fields to mitigate current impacts. For electricity, there was an order to operate coal-fired and hydropower plants at full capacity.
