Bangkok: Global crude oil prices rose for the fourth consecutive day in Asian trading on January 13th, driven by geopolitical concerns, particularly the escalating tensions in Iran following large-scale protests that could impact oil exports. This was compounded by the US's aggressive stance, including threats of military action and a 25% tariff on countries trading oil with Iran. As a result, Brent crude climbed 0.4% to $64.10 per barrel, reaching its highest level in seven weeks, while West Texas Intermediate (WTI) increased 0.4% to $59.70 per barrel, its highest level in a month.

According to Thai News Agency, the price of oil is also supported by supply risks from several countries, including Ukraine's attack on Russia's oil export infrastructure, as well as Kazakhstani's oil exports through the CPC terminal, which are expected to fall 45% lower than anticipated this month. This is despite the prospect of Venezuela resuming oil exports after the United States announced plans to introduce 50 million barrels of Venezuelan oil into the market, which could partially alleviate the tightness.

Energy Minister Attapol Rerkpiboon confirmed that despite the rise in global oil prices due to geopolitical factors, there are no plans to increase oil prices in Thailand at this time. He urged the public to remain calm. However, the Ministry of Energy will closely monitor the situation, as global oil prices remain highly volatile due to escalating international conflicts.