Global shares advanced and oil prices eased on Wednesday as markets looked for signs of whether a shaky truce between the US and Iran will be extended.
Even though an Iran peace deal appears elusive amid new US strikes, stock sentiment remains convinced the conflict is winding down, which could push up the Thai bourse to 1,600 points by the end of the year, say analysts.Koraphat Vorachet, assistant managing director and head of research at Krungsri Securities, said despite the renewed attacks, markets see the war as "de-escalating".
Monitoring reports show 35 cargo ships passed through the Strait of Hormuz over the past 24 hours, which is the maritime transport route for more than 20% of the world's oil, roughly 17-20 million barrels per day, as well as liquefied natural gas.
The pre-war average was 60 ships daily, while only 3-4 ships were navigating the strait in recent days.
"The volume of ships passing through the strait shows improvement, reflecting a picture of de-escalation that weighed down crude oil," noted Mr Koraphat.
