'Prices to be controlled by market mechanisms' - Thai PM warns of fuel surge amid Strait of Hormuz disruptions

"Thai Prime Minister Anutin Charnvirakul warned of rising fuel prices in Bangkok on Thursday, as his government moved to manage shortages amid global supply disruptions. "The price will be left to be controlled by market mechanisms," Charnvirakul said. "The government itself will have to find measures to minimise the impact on the public as much as possible," he added. It comes amid ongoing disruption of shipping through the Strait of Hormuz, which handles around 20 per cent of global oil traffic. United States President Donald Trump urged NATO countries to help keep the Strait of Hormuz open, but later said 'We don't need anybody' after claiming most allies did not want to get involved. He called it a 'foolish mistake' and said he was 'disappointed' in his NATO partners. Iranian FM Abbas Araghchi explained that the Strait "is open to friends and non-hostile countries, but closed to enemies and those who collaborate with them." Oil prices have consequently spiked globally. Charnvirakul was also re-elected as Thailand's Prime Minister on Thursday and addressed the energy crisis immediately. Authorities introduced controls to prevent shortages, including suspending fuel exports and increasing reserves, while warning against panic buying."