Crude oil prices (Brent and WTI) rose sharply to their highest levels since late July 2026, driven by escalating US-Iran tensions and concerns over supply disruption in the Middle East. Iran has threatened to block oil exports from the Persian Gulf, a critical global shipping route. The Russia-Ukraine conflict adds additional uncertainty. Thai SMEs exposed to energy costs, logistics, and commodities trading should monitor these price movements closely, as Strait of Hormuz disruptions could significantly impact operating costs and supply chain stability.