Thai stocks plunged sharply by more than 100 points amid the Middle East war. Kobsak Phutrakul pointed out that Thailand must urgently find secondary and tertiary oil sources before reserves are depleted and urged people to conserve energy and stop hoarding.
On 4 March 2026, Kobsak Phutrakul, Chairman of the Thai Capital Market Business Council, explained that the main reason for the sharp stock drop in the morning was Thailand's heavy dependence on foreign energy and the strong stock gains earlier this year leading to profit-taking. This trend mirrored sharp declines in Japan and South Korea. Nevertheless, he remains confident that Thailand's fundamental factors have not changed, despite a 15% stock drop here compared to less than 1% in the US, which is not directly involved in the war.
Kobsak also expressed concern that if the war extends beyond four weeks as predicted by Donald Trump, it will immediately impact Thailand's oil reserves. He urged the government to quickly secure new import sources ahead of other countries and use this opportunity to promote renewable energy. He also recommended supporting the use of the oil fund to stabilize prices to alleviate public distress and prevent unnecessary fuel hoarding fueled by panic.