Nomura: Thailand, India, South Korea and the Philippines are the most vulnerable to rising oil prices.

Nomura analysts say that due to their high dependence on imports, Thailand, India, South Korea, and the Philippines are most vulnerable to the impact of rising oil prices. These analysts stated in a report that Malaysia will be a relative beneficiary. In Thailand, current account and inflation pressures may rise. The analysts wrote that for India, higher import costs and portfolio capital outflows driven by risk aversion will increase financing pressures on the balance of payments in the near term. Rising oil prices will strengthen the Reserve Bank of India's wait-and-see position and may increase fiscal risks. These analysts added that in South Korea, the increase in oil prices and outflows of resident portfolio capital may partially offset the gains from the AI boom. These analysts said that due to its high dependence on oil imports, the Philippines faces a significant risk of widening current account deficit.