The price of oil had jumped 4% at close of trading on Monday amid concern that the conflict would disrupt supplies from the Middle East.
Thailand ships 57% of its crude oil from Middle Eastern countries, according to the Energy Ministry. However, the Kingdom has around two months of supply in reserve as a buffer against any disruptions, including an escalation of the Israel-Hamas war.
The price rise came as the conflict entered its third day following the surprise attack as Hamas militants broke out of the Gaza Strip on Saturday.
The conflict also pushed gold prices upward as investors sought a safe haven.
Meanwhile, the energy sector drove stock prices higher, resulting in gains on the US stock market on Monday.
West Texas Intermediate (WTI) crude oil futures contracts for November delivery rose by US$3.59, closing at $86.38 per barrel. Brent crude futures for December rose by…
