# Thai baht war losses set to deepen on oil shock, strategists say - The Business Times

> The Thai baht has weakened more than 4% since the Iran war began in late February, among the worst performers in Asia. MUFG expects the baht to slide to 33.90 per dollar this quarter as Thailand's large net oil-and-gas deficit weighs on the currency.

- Date: 2026-04-27 · published 2026-04-27T12:00:00.000Z
- Category: macro · region Thailand · magnitude low
- Page: https://feedsoft.ai/events/19985-thai-baht-war-losses-set-to-deepen-on-oil-shock-strategists-say-the-business
- Commodities: [Thai Baht (THB per USD)](https://feedsoft.ai/c/USDTHB.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Continued baht weakness driven by energy import costs raises the local price of imported feed and protein inputs for Thai buyers.

## Read by commodity

- WTI: bullish ▲
- USDTHB: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | [Seoul: Won down at 1-week low as US dollar jumps after Opec deal; stocks up - The Business Times](https://feedsoft.ai/events/74046-seoul-won-down-at-1-week-low-as-us-dollar-jumps-after-opec-deal-stocks-up-the.md) | +12.5% | +19.3% |
| WTI | 2019-07-28 | [C$ steadies, after hitting 1-month low on better-than-expected US data - The Business Times](https://feedsoft.ai/events/58338-c-steadies-after-hitting-1-month-low-on-better-than-expected-us-data-the.md) | -0.8% | -3.5% |
| WTI | 2023-09-27 | [Thai baht, Malaysian ringgit lead Asian FX lower on extended dollar strength - Markets - Business Recorder](https://feedsoft.ai/events/34366-thai-baht-malaysian-ringgit-lead-asian-fx-lower-on-extended-dollar-strength.md) | -2.0% | -7.4% |
| WTI | 2016-05-25 | [Spread between US oil and natural gas hits 20-month high - The Business Times](https://feedsoft.ai/events/7639-spread-between-us-oil-and-natural-gas-hits-20-month-high-the-business-times.md) | +1.7% | +1.9% |
| WTI | 2026-09-28 | [Asian currencies: Thai baht hits two-month low as oil prices surge - Markets - Business Recorder](https://feedsoft.ai/events/17732-asian-currencies-thai-baht-hits-two-month-low-as-oil-prices-surge-markets.md) | +9.1% | +18.9% |

## Sources

- businesstimes.com.sg: https://www.businesstimes.com.sg/international/asean/thai-baht-war-losses-set-deepen-oil-shock-strategists-say

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.