(Photo: Reuters)The ongoing conflict with Iran is impacting global trade through heightened energy prices, freight rates, risk premiums and shipping complications, says the Thai Chamber of Commerce (TCC). Oil prices would likely surge rapidly, potentially fuelling inflationary pressures in many countries, according to the chairman. The Strait of Hormuz accounts for about 20% of global oil trade and acts as a major maritime route for transporting liquid natural gas to Asia. “Rising geopolitical tensions have driven up crude oil prices, and we should expect continued volatility. This is likely to lead to higher global sea, air and land freight costs, thereby raising overall logistics expenses,” he said.

Source: Bangkok Post March 02, 2026 14:38 UTC