The latest developments in the conflict between Israel and Iran.

• In the early hours of Friday 13 June, Israel launched an airstrike operation targeting Iran’s nuclear facilities and military bases. Reports indicate that several high-ranking Iranian military officers were killed in the attack.
  
• Between Friday and 16 June at 10:15 AM (Thailand time), there were reports of 224 deaths in Iran, 14 deaths in Israel, and approximately 400 injuries.
  
• Israel stated that the objective of the attack was to limit Iran’s ability to develop nuclear weapons. Meanwhile, Iran maintains that its nuclear program is intended solely for civilian purposes.
  
• Although Israel has not directly attacked Iran’s refineries or oil production facilities in the latest escalation, Brent crude oil prices still rose by 7% on 13 June. This comes after a previous downward trend in crude oil prices due to increased production by OPEC members. As a result, from the beginning of the year to 16 June, crude oil prices have increased by only 0.2%.
  
• On 13 June, the U.S. S&P 500 Index dropped by 1.1%, while the 10-year U.S. Treasury yield slightly rose from 4.36% to 4.4%. Meanwhile, Asian stock markets on the morning of 16 June showed limited impact. Japan’s TOPIX Index rose by 0.8%, the MSCI China Index declined by 0.9%, and the SET Index fell by 1.1%.
  
• We believe a key factor to monitor closely is the possibility that Iran may consider closing the Strait of Hormuz, a critical route for oil and gas transportation in the Middle East. Approximately 20–25% of the world’s crude oil and natural gas passes through this area. However, despite past severe tensions, Iran has never actually closed the strait.
  
• At the same time, the United States is likely to seek a swift de-escalation of the situation. Prolonged tensions could drive up oil prices and further pressure inflation, which is already facing challenges from trade war concerns. President Trump has also called for immediate negotiations between Israel and Iran.
  
• Currently, the impact of the Israel-Iran conflict remains largely contained within the Middle East region. As of now, its effect on the global economy and broader financial markets remains limited.
  
• For this year, we continue to view the trade war as a more significant factor weighing on financial markets than the situation in the Middle East. Therefore, we still recommend investing in a diversified portfolio with appropriate risk allocation to avoid missing out on potential market upswings while also protecting capital in the event of market pressure.
  
• From the beginning of the year until the end of May 2025, the Company’s recommended investment portfolios across all five risk levels have continued to deliver positive returns, ranging from +1.4% to +2.7%. This compares with the U.S. S&P 500 Index, which posted a return of -3.9% (in Thai Baht terms), and the SET Index, which declined by -16.7%.
  

Warning : Investors should understand the characteristics of the product, return conditions, and risks before making an investment decision. Past performance is not a guarantee of future results. Investors should study the information about the mutual fund, especially the investment policy, risks, and performance disclosed in various sources or consult an investment advisor before deciding to invest. Additionally, investors should review the tax benefits specified in the mutual fund investment guide. This document is created for general dissemination and is based on sources considered reliable as of the date the information is presented, but the accuracy of the information cannot be fully guaranteed. Such information may change without prior notice. The investment proportions and performance data presented are for the initial portfolio, and the actual investment proportions and performance of individual investors may vary depending on the investment period and various costs as specified in the policy. For more details, please call 1766.