Oil prices surged late Sunday as fears mounted that the escalating Iran conflict could drag on for weeks, rattling global energy markets.

Global benchmark Brent crude briefly jumped to $82.37 a barrel — its highest level since January 2025 — in the first wave of trading following U.S. and Israeli strikes on Iran that killed Supreme Leader Ali Khamenei, according to Reuters.

By 7:54 p.m. ET, Brent had pulled back slightly but was still up more than 7% at $78.24 a barrel.

U.S. West Texas Intermediate crude also surged nearly 7%, climbing to $71.68 after briefly hitting $75.33 — its highest since June of last year.

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Analysts at Citi warned that prices could climb further if the conflict persists, projecting Brent could trade between $80 and $90 a barrel in the coming days.

Israel launched fresh strikes on Iran Sunday, with Tehran responding with new missile barrages, further escalating tensions in a region responsible for a significant share of the world’s oil production, Reuters reported.

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Missiles on Sunday also struck several oil tankers near the Strait of Hormuz — the world’s most critical oil export route — killing one crew member and raising alarms across global markets, Reuters reported.

As tensions mounted Sunday, more than 200 vessels — including oil and liquefied natural gas tankers — were anchored near the passage which carries roughly 20% of the world’s oil supply, according to Reuters.

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Iran reportedly moved to restrict navigation along the Strait of Hormuz following the strikes.

Major exporters including Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Iran depend heavily on the route.

Reuters contributed to this report.

In January, Thailand’s economy grew due to increased domestic and external demand, especially in tourism and private consumption. However, construction contracted, while inflation varied. Key issues include U.S. trade policy and tourism recovery.

Key Highlights 📊

• Overall Expansion: The Thai economy grew compared to December, supported by stronger domestic and external demand.
• External Demand:
  • Merchandise exports (excluding gold) increased, especially electronics.
  • Exports of gems, jewelry, and petroleum products rose temporarily due to firm-specific factors.
  • Tourism improved with higher foreign arrivals and receipts.
• Domestic Demand:
  • Private consumption and investment strengthened.
  • Vehicle sales surged, driven by accelerated purchases ahead of the EV 3.0 scheme deadline and extended registration.
• Government Spending: Expanded but slowed, mainly due to reduced capital expenditure after earlier front-loading.
• Supply-Side Conditions:
  • Services slightly contracted, mainly from a decline in construction activity.
  • Tourism and trade-related services continued to expand.
  • Manufacturing production remained broadly stable.
• Inflation & Stability
• Headline Inflation: Turned more negative, driven by lower raw food and energy prices.
• Core Inflation: Stayed positive and stable, reflecting higher vehicle prices (excise tax adjustments) but offset by promotional discounts in personal care.
• Current Account: Recorded a surplus, supported by net services, income, and transfers, despite a trade deficit from higher imports.

Thailand’s economy in January saw growth fueled by increased exports, particularly in electronics, gems, and jewelry, as well as improved tourism and domestic demand. Vehicle sales surged due to accelerated purchases before the EV 3.0 scheme’s expiration. However, government spending slowed due to previous capital expenditure front-loading, causing a decline in construction and a slight moderation in services, while manufacturing production remained stable.

Source : https://www.bot.or.th/en/news-and-media/news/news-20260227.html

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The euro slid, Swiss franc rose and the dollar jumped on Monday as investors headed for safety after the U.S. and Israel bombed Iran, killing supreme leader Ayatollah Ali Khamenei to open a power vacuum and raise the risk of a protracted Mideast war.

The franc climbed about 0.2% to 0.7674 per dollar and shot 0.6% higher to its strongest level since 2015 on the euro at 0.9030 in the early hours of the ‌Asia session.

The euro ⁠fell 0.3% ⁠to $1.1781 and the yen initially rose but was held back by Japan’s big oil imports, and last traded a fraction weaker at 156.32 to the dollar.

Sterling and the Australian dollar slid by more than 0.5% and China’s yuan fell about 0.2% in offshore trade, since China is an energy importer and the main buyer of Iranian oil.

“You don’t know how long this is going to last, how high oil is going to go, how long the Strait of Hormuz is going to be closed,” said BNZ strategist ⁠Jason Wong ‌in Wellington.

“The initial reaction is mild risk off, and you’ve just got to take each day as it comes.”
The Israeli military said its air force killed Khamenei and his ⁠death, at 86, was confirmed by Iranian state media, setting off a high-stakes succession race. Attacks extended into Sunday and Iran has hit back, with the Iranian Revolutionary Guard saying it had struck three U.S. and British oil tankers, while blasts were reported over Dubai and Doha.

Oil prices are markets’ initial top focus and leapt around 9% in early Monday trade on the disruption to seaborne trade.

Currencies of exporters such as Canada and Norway were steady in Asia’s early morning.

The risk-sensitive Australian dollar fell 0.7% to $0.7065, though traders thought the more durable pressure would ‌probably fall on energy importers.

“The euro is in a difficult spot,” said Wells Fargo analysts in a note.

“Europe’s natural gas storage refill season is about to begin and the EU is heading into it with record-low ⁠gas in storage, implying it will need to buy a large chunk of energy right as prices potentially shoot higher.”

Israeli military spokesperson Lieutenant Colonel Nadav Shoshani said many targets remained, but deploying ground forces was not under consideration. U.S. President Donald Trump told the Daily Mail the campaign could run for a month.

“We figured it will be four weeks or so. It’s always been about a four-week process,” he said.

At least 150 tankers including crude oil and liquefied natural gas vessels dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed on Sunday.