Global oil prices spike amid US-Iran negotiation deadlock over Hormuz Strait access, pushing diesel above $160/bbl in Singapore. Thailand's Oil Fund faces daily subsidy burden of 343 million baht, triggering pump price increases of 0.85 baht/liter effective August 12. Additional pressures include Houthi drone strikes on Saudi refineries and regional supply disruptions, necessitating energy conservation appeals to protect fund liquidity.