Iran has set strict preconditions for reopening the Strait of Hormuz, including war reparations and an end to sanctions, following its blockade since February. The closure of this critical global shipping route—through which a significant portion of world oil transits—poses major supply-chain and inflation risks for Thailand's energy-dependent economy. While Oman-mediated talks show progress, Iranian attacks on vessels continue, keeping transit costs elevated and supply uncertainty high for Thai importers and energy consumers.