Thailand has been named among Asia’s most exposed economies after Iran announced the closure of the Strait of Hormuz, threatening global crude and LNG flows. A CNBC report on Tuesday (March 3) said Thailand is likely to face severe fallout from higher oil prices. Brent crude was trading at around US$81 a barrel on Tuesday, having climbed more than 10% since the conflict erupted.
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Senior commanders in Iran’s Islamic Revolutionary Guard Corps (IRGC) have warned that any ship attempting to transit the waterway would be attacked. CNBC, citing energy consultancy Kpler, said the Strait of Hormuz, between Oman and Iran, carried about 13 million barrels a day of crude oil in 2025, or roughly 31% of global seaborne crude flows.
The report said roughly 20% of global LNG exports transit the strait, much of it tied to Qatar. It added that Qatar has temporarily halted LNG output after Iranian drone attacks hit facilities in the Ras Laffan and Mesaieed industrial cities.
CNBC cited Nomura analysis saying Thailand is among the most exposed Asian economies to an oil-price shock, as the country’s net oil imports amount to 4.7% of GDP, the highest share in the region. Nomura said that for every 10% rise in oil prices, Thailand’s current account balance could worsen by about 0.5% of GDP. Some analysts believe that if the closure drags on, oil prices could surge beyond US$100 a barrel.
Other Asian economies would see varying degrees of impact. Nomura identified India, South Korea and the Philippines as vulnerable due to high reliance on imported energy. It said Qatar and the UAE account for 99% of Pakistan’s LNG imports and 72% of Bangladesh’s imports, while India would face higher crude import costs and surging LNG prices.
The Nation reported that Nomura also said Japan and South Korea depend heavily on Middle East oil, around 75% and 70% respectively and have LNG stockpiles sufficient for only two to four weeks. China was described as better placed in the short term, with about 40% of its oil imports passing through Hormuz and more than 7.6 million tonnes of LNG in storage. Malaysia was cited as an exception, as higher oil prices could benefit government revenues.
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Adapted by ASEAN Now Nation 4 Mar 2026