Surveyed at 00:11 on February 5 (Vietnam time), WTI oil price decreased by 0.3 USD/barrel, equivalent to a decrease of 0.41%, to 72.86 USD/barrel. Brent oil price increased by 0.4 USD, equivalent to an increase of 0.53%, to 76.36 USD/barrel.
US oil prices pared earlier losses on Tuesday after an official said President Donald Trump plans to revive his “maximum pressure” campaign on Iran, aimed at reducing its oil exports to zero. The move is seen as partly offsetting the damage from the tariff war between Washington and Beijing, Reuters reported.
A US official told Reuters that Mr Trump's directive requires the Treasury Secretary to apply "maximum economic pressure" on Iran, including sanctions and enforcement mechanisms for those who violate existing sanctions.
The re-imposition of “maximum pressure” on Iran is helping to limit the damage from the tariff war between Beijing and Washington, according to Phil Flynn, an analyst at Price Futures Group. “Oil prices fell near the lows of their trading range due to China’s retaliation, but have since rebounded thanks to the ‘maximum pressure’ campaign on Iran,” Flynn said.
On the demand side, investors are awaiting oil inventory data from the American Petroleum Institute. Analysts polled by Reuters expect crude inventories to rise, while gasoline and distillate inventories are likely to fall.
Regarding domestic gasoline prices, a representative of a gasoline trading enterprise said that they will fluctuate according to the world gasoline situation. According to current market developments, it is forecasted that in the next price adjustment period, gasoline prices may decrease slightly.
Domestic retail prices of gasoline and oil on February 5, 2025 will be applied according to the price at the management session on the afternoon of February 1, 2025 of the Ministry of Finance - Industry and Trade.
Accordingly, E5 RON 92 gasoline decreased by 201 VND/liter, not higher than 20,391 VND/liter. RON 95 gasoline price decreased by 140 VND/liter, not higher than 21,002 VND/liter.
Prices of all types of oil also decreased simultaneously. Of which, diesel oil decreased by 948 VND/liter, not higher than 19,246 VND/liter; kerosene decreased by 671 VND/liter, up to 19,439 VND/liter and fuel oil price decreased by 250 VND/kg, not higher than 17,502 VND/kg.
