FTI Urges Energy Summit Over Iran Conflict

The Federation of Thai Industries (FTI) has called for the Ministry of Energy to convene an emergency summit with leading fuel traders as the Middle East conflict escalates. Industry leaders warn that the military confrontation between Iran, Israel and the United States will trigger a sharp rise in global oil prices and disrupt supply through the Strait of Hormuz. The FTI describes the situation as a “direct threat” to Thailand’s economic recovery.

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The appeal was issued on Sunday, March 01, 2026, amid mounting concern over instability in the Persian Gulf. Kriengkrai Thiennukul, chairman of the FTI, said Thailand’s heavy reliance on crude oil imports from the Middle East leaves the country uniquely exposed. He warned that closure of the Strait of Hormuz, a vital maritime artery for Thai energy imports, would severely affect domestic supply.

“In the short term, we are seeing a psychological surge in commodity prices, particularly gold and oil,” Kriengkrai told Thansettakij. “However, the long-term risk is far more severe. If this conflict mirrors the war in Ukraine and begins to target refineries or oil fields, the global economic recovery could be derailed entirely.”

The FTI has proposed a three-point survival strategy. It calls for immediate consultations between the Ministry of Energy and domestic oil majors to synchronise contingency plans, a logistical redesign to identify alternative shipping routes despite higher freight and insurance costs, and a transparent audit of national oil reserves to determine how many days Thailand can sustain the economy in the event of a total regional blockade.

The Nation reported that Kriengkrai noted that unlike the geographically distant Russia-Ukraine war, tensions in the Persian Gulf strike directly at Thailand’s supply chain. He stressed the need to determine exactly how long the country could withstand a closure of Gulf navigation routes. While acknowledging that Thailand lacks the geopolitical influence to halt the conflict, the FTI suggested Bangkok should join international diplomatic efforts calling for a ceasefire.

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Adapted by ASEAN Now Nation 2 Mar 2026