Thailand has welcomed the ceasefire framework between the United States and Iran but warned that global energy markets could remain under pressure despite an easing of tensions in the Middle East.
Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the government was closely monitoring developments, noting that while the agreement could improve investor confidence and support economic stability, damage to oil and natural gas infrastructure in the region would continue to pose risks to energy supplies.
He said oil prices could decline in the short term but were unlikely to return to previous levels, as damaged energy facilities could take two to three years to recover fully. Mr Ekniti added that the government would continue with existing economic plans while remaining alert to further developments.
Deputy Prime Minister and Foreign Affairs Minister Sihasak Phuangketkeow also welcomed the agreement and the reopening of the Strait of Hormuz to commercial shipping, saying the move would help restore energy flows and ease disruptions to maritime trade.
However, he stressed Thailand must diversify its energy sources and accelerate the development of renewable and alternative energy to strengthen long-term energy security.
The comments came after US President Donald Trump and Iranian President Masoud Pezeshkian signed an MoU early yesterday, establishing a framework for ending a conflict that erupted on Feb 28 and opening the door to negotiations on Iran's nuclear programme and sanctions relief.
Despite the breakthrough, Iran signalled that its missile programme would remain off limits in any future talks with Washington.
