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Israel-Hamas war will have greater impacts than war in Ukraine - Thai scholar

Israel-Hamas war will have greater impacts than war in Ukraine - Thai scholar

23 Sept 05:00 Key points summarised by AI
  • The Israel-Hamas conflict is projected to have more severe and extensive global impacts than the Ukraine war, primarily due to the potential involvement of Western and Arab countries and the Middle East's critical 70% share of global oil supply.
  • Escalation could drive global crude oil prices to US$100 per barrel, particularly if nations like Iran, Qatar, the US, and UK become directly involved, leading to increased shipping costs and war risk surcharges on routes like the Suez Canal and Straits of Hormuz.
  • Thailand faces significant economic repercussions, with potential 10-15% declines in exports to Saudi Arabia, the UAE, and Israel (over US$10 billion annually), and a broader regional escalation could shrink overall Thai exports by 1.7%.
  • Experts anticipate the conflict may be prolonged, even if Israel occupies Gaza, with continued participation from groups like Hezbollah and Islamic Jihad.
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