Businesses and economists took a deep breath after the US and Iran signed off on a deal to end their war and reopen the Strait of Hormuz, lifting optimism as oil prices fell, which could ease inflation and support potential economic growth.Tanit Sorat, chairman of the National Labour Development Advisory Council, hailed the signing after more than three months of war rattling energy markets and spiking inflation.
"This is good news for Thailand, which previously imported roughly half its oil from the Middle East, though that proportion is now down to 20%," he told the Bangkok Post.
If the war in Iran persists, Mr Tanit said goods prices would begin to increase this month after logistics operators increased their charges to reflect higher oil prices since the conflict began.
Oil prices tumbled Thursday after US President Donald Trump signed a memorandum of understanding (MoU) in Versailles following the G7 summit, with a ceremony set for today in Switzerland to mark the start of a 60-day negotiation period.
Iranian Foreign Ministry spokesman Esmail Baghaei told reporters Iran's president signed the document.
