Even though Thailand can transport oil through the Strait of Hormuz, global oil prices are soaring. (Photo: Athit Perawongmetha)This is not the first global oil crisis -- the 1973 oil embargo crisis was the first. Just five months after that crisis, oil prices quadrupled and never returned to previous levels. Given the current Middle East crisis, it seems that oil prices are likely to repeat the same pattern. India will seek crude oil sources from Russia to reduce its dependence on the Middle East.

Source: Bangkok Post March 31, 2026 07:06 UTC