<div id="readability-page-1"><div>Singapore – The Thai baht has been among the worst performers in Asia since the start of the Iran War and it’s at risk of further losses as the conflict drives up oil prices, analysts say.The baht is likely to come under renewed pressure given the size of the nation’s energy imports, according to MUFG Bank. The seasonal pattern of Thailand’s current account will weigh on the currency in the second quarter, Malayan Banking says.The Thai currency has already weakened more than 4 per cent against the US dollar since the war began on Feb 28, trailing only the Philippine peso in Asia. Against the Singapore dollar, the baht has fallen 3.4 per cent over the same period.The baht retraced some of its declines in early April as a US-Iran ceasefire began, but it has started to drop again as talks between the two sides have stalled. “We still see risks to the downside for Thai baht, given it runs the largest net oil-and-gas trade deficit in the Asia region,” said Lloyd Chan, a foreign-exchange strategist at MUFG Bank in Singapore. “We are mindful that the US blockade of Iranian ports still persists, which will continue to disrupt energy flows.”The baht will probably weaken to 33.90 per US dollar this quarter, Mr Chan said, which would put the currency at the weakest level since April 2025.The Thai currency is particularly vulnerable as the nation is the most exposed in Asia to higher energy costs, according to a study by Nomura Global Economics, based on factors such as the share of fossil fuels in total energy supply and the energy trade balance. “Higher oil prices and a seasonally narrower current account keep us cautious on the baht in the second quarter,” said Alan Lau, a foreign-exchange strategist at Maybank in Singapore. The baht is set to end this quarter at 32.50 per US dollar, assuming oil prices don’t fall significantly, he said.Thailand’s current-account data due on April 30 will give an initial reading about the impact of surging oil prices. The February numbers had shown an unexpected improvement in the surplus, but there seems little reason to be optimistic this time around. Thaiand’s economic growth may slow to around 1.3 per cent in 2026 if the war drags on, versus a pre-conflict estimate of 1.9 per cent, Bank of Thailand (BOT) Governor Vitai Ratanakorn said in April. The central bank has also signalled it will refrain from raising interest rates “for as long as possible” to support the economy, even though inflation is set to accelerate“The BOT has already downgraded growth and flagged a negative impact on the current account, which is bearish for the baht over the medium term,” said Jeffrey Zhang, an emerging markets strategist at Credit Agricole CIB in Hong Kong.The baht is likely to weaken to 33 per US dollar by year-end, he said. BLOOMBERG</div></div>

油气开采 ETF - SPDR

泰国股市指数 MSCI ETF - iShares

能源业 ETF - Vanguard

动态石油天然气服务 ETF - Invesco

美国 WTI 原油 ETF

油气服务 ETF - Market Vectors

炼油公司指数 ETF - VanEck Vectors

美国油气勘探与生产 ETF - iShares

2 倍做多彭博原油 ETF - ProShares

能源业 ETF - SPDR

泰铢自伊朗战争开始以来显著贬值，分析师预测由于油价上涨和该国巨大的能源进口赤字，未来还将进一步下跌。自 2 月 28 日以来，泰铢对美元贬值超过 4%，预计本季度将贬值至每美元 33.90。经常账户狭窄和高能源成本等因素使泰铢特别脆弱。如果冲突持续，经济增长可能在 2026 年放缓至 1.3%，这将在中期对货币产生负面影响

分析师表示，由于石油冲击，泰铢的损失预计将进一步加深