Global oil price volatility and rising US bond yields are pressuring Thai stock valuations through higher discount rates and potential foreign fund outflows. However, recent foreign inflows (~70 billion baht YTD) and moderating US inflation (3.5% vs 3.8% expected) provide counterbalance. The SET Index trades near historical P/E average (16x), limiting valuation upside; further gains depend on earnings surprises or sustained foreign capital. Key support levels: 1,530–1,700 points, contingent on stable foreign flows and non-accelerating US yields.