Price fluctuations in global crude oil have surged by 4% following the Israeli-Hamas conflict. This escalation in oil prices has sparked fears, especially among oil companies, as Montri Rawanchaikul, the Chief Executive of PTT Exploration and Production Plc (PTTEP), voiced worries that the conflict may lead to disruptions in petroleum production in the Middle East.
Auttapol Rerkpiboon, CEO of PTT Plc, also expressed similar concerns. He pointed out that global crude prices spiked before experiencing a small dip, however, they remained higher than the pre-conflict level. Auttapol attributed this trend to the psychological impact of the war.
Thai Oil Plc, the oil refinery division of PTT, projected last week that West Texas Intermediate crude oil prices would average between US$80 to US$87 per barrel.
This prediction comes after global oil prices soared past…
