Epic Fury oil shock: Repositioning your portfolio for warPhoto: REUTERSOperation Epic Fury, the US-Israeli offensive against Iran that began in late February, is not merely an energy war in the conventional sense. It represents a polycrisis: a multi-dimensional shock hitting three supply chains simultaneously across transport, industry and agriculture. Thailand is more exposed to the energy crisis than most developing economies. Recall two painful lessons from the 1973 oil shock. The first is diversification offers little protection when a supply shock is large enough -- equities, bonds and real estate fell together in 1974 as inflation eroded returns across the entire system.

Source: Bangkok Post March 28, 2026 02:28 UTC