A subsequent surge in global oil prices is expected, and Thailand, a major oil importer, is unlikely to avoid the impact. On Oct 3, Brent crude oil prices rose by 4.8%, closing at US$77.4 per barrel for November delivery, while West Texas Intermediate crude oil prices increased by 5.1% to $73.6 per barrel. Mr Veerapat said the ministry will continue to regulate domestic oil prices through subsidy programmes using the Oil Fuel Fund, which is in the red. In 2022, the Russian invasion of Ukraine caused global oil prices to spike at more than $100 per barrel, plunging the Oil Fuel Fund into a huge loss of 135 billion baht that year. Oil prices could rise substantially higher if Israel's allies, led by the US, decide to attack Iran's oil facilities, said Mr Nattapol.
