Bangkok: The escalating tensions in the Middle East during early March 2026 not only caused the Thai stock market to plummet by more than 60 points but also sent shockwaves through regional stability and the economy. Assoc. Prof. Dr. Piti Srisangnam discussed ASEAN's stance and Thailand's adaptation in this critical situation.
According to Thai News Agency, ASEAN and Iran have maintained a longstanding positive alliance since Iran signed the Treaty of Southeast Asia Cooperation in 2018. Iran views ASEAN as a source of food security, while ASEAN sees Iran as a large market and a gateway to Central Asia. Despite the positive diplomatic relations, trade and investment face difficulties due to economic sanctions from the West, affecting international money transfer systems.
Assoc. Prof. Dr. Piti categorized the stances of major ASEAN countries regarding the crisis. Malaysia has taken the strongest stance, condemning the attack on Iran as a violation of sovereignty. Malaysia, without diplomatic relations with Israel, is seen as a leading force in the Muslim world opposed to Israel. Indonesia, while supporting Palestine, focuses on maintaining economic balance, expressing concerns over inflation and energy prices due to its status as an oil importer facing shortages. Brunei, adopting a quiet diplomacy approach, expresses condolences and calls for respect for sovereignty while avoiding harsh rhetoric to maintain relations with the United States, given its economic dependencies.
Assoc. Prof. Dr. Piti's analysis highlighted the multiple layers of power driving US foreign policy, particularly the influence of the Zionist Jewish group and arms and financial industries. The ongoing conflict has caused global oil prices to soar, benefiting the US oil shale industry as crude oil prices exceed the break-even point.
The crisis poses risks to ASEAN Centrality, potentially causing divisions within ASEAN between pro-Iran groups and those leaning towards the United States, such as the Philippines. Assoc. Prof. Dr. Piti emphasized the need for ASEAN to adhere to its principle of a Zone of Peace, Freedom and Neutrality and maintain unity to prevent major powers from interfering in the region.
Regarding Thailand, Assoc. Prof. Dr. Piti suggested that the country must adhere to international rules, especially concerning territorial integrity and sovereignty. Thailand should maintain a single standard in condemning aggression, whether in the Russia-Ukraine case or the US-Iran case, and support resolving issues at the bilateral or regional level to maintain peace and protect national interests in the long term.