Thailand’s SET Index slid to 1,420 points in afternoon trading Thursday, down 1.42%, as escalating oil and gas prices combined with broader declines across Asian equities. Ongoing unrest in the Middle East has deepened concerns of global energy supply disruptions, putting additional pressure on sentiment.
By mid-afternoon in Bangkok, Thailand’s market decline mirrored widespread losses in the region. Australia’s ASX200 fell 1.65%, Japan’s Nikkei shed 3.38%, India’s NIFTY 50 retreated by 2.44%, while Hong Kong’s Hang Seng Index was down 2.21%. Losses were also seen in China’s Shanghai Composite, which slipped 1.39%, and South Korea’s Kospi, falling 2.73%.
The renewed volatility followed reports of missile strikes hitting key energy sites in the Middle East. On Wednesday, Qatar reported that Iranian missile attacks had damaged an essential liquefied natural gas export terminal. The incident came after Iran cautioned it might target energy facilities in Qatar, Saudi Arabia, and the United Arab Emirates in response to Israel’s strike on an Iranian gas facility.
Energy markets reacted strongly to the latest developments. Brent crude futures for May jumped 6.16% to $113.99 a barrel, dipping from above $114 level earlier. Meanwhile, U.S. West Texas Intermediate crude rose 1.06% to $97.34. Natural gas prices posted significant gains as well, with Dutch TTF front-month contracts surging almost 30% to 70.8 euros ($81.2) per megawatt-hour.
