Global crude oil prices surged 1.2–2.4% on August 31 following renewed military confrontation between the US and Iran. The US struck Iranian missile sites on Larak Island on August 30, while Iran retaliated against US and UAE bases early on August 31. Supply security concerns intensified as ship traffic through the Strait of Hormuz (critical for ~30% of global maritime oil) collapsed from 14 vessels daily to just 5, and a tanker was attacked on August 29. Rising geopolitical risk and potential supply disruptions will likely boost energy costs for Thai businesses and affect import/logistics budgets.