World oil prices today
World gasoline and oil prices simultaneously increased. At the end of yesterday's trading session (May 11), WTI and Brent oil prices increased by 2.78% and 2.88% respectively.
By this morning's session, both oil commodities continued to rise. At 7:51 am (Vietnam time), WTI oil was traded at 98.66 USD/barrel, up 0.59 USD/barrel, equivalent to an increase of 0.60%. WTI oil closed the previous trading session at 98.07 USD/barrel and opened today's session at 98.35 USD/barrel.
Meanwhile, Brent oil price was at 104.79 USD/barrel, up 0.43 USD/barrel, equivalent to an increase of 0.41%. In the previous session, Brent oil closed at 104.36 USD/barrel and opened today's session at 104.36 USD/barrel.
According to analysts, world gasoline prices increased sharply after US President Donald Trump's announcement regarding a ceasefire with Iran.
Tensions escalated after Mr. Trump rejected Tehran's response to the US peace proposal. Previously, Iran put forward a series of conditions, including ending the conflict on all fronts, including Lebanon; requesting war reparations; affirming sovereignty over the Strait of Hormuz; and requesting the US to lift naval blockades and economic sanctions.
Immediately after that, Mr. Trump criticized these requests on social media, saying that these were "completely unacceptable" conditions.
Some analysts believe that the oil market has reversed the psychology very quickly, from expecting to cool down tensions to worrying about escalating conflicts in just a few days, pulling oil prices back up sharply.
According to the plan, President Trump will visit Beijing on Wednesday (May 13) to discuss the Iran issue with Chinese President Xi Jinping. Analysts believe that the market is likely to temporarily cautiously monitor the developments of this meeting, so oil price fluctuations may not be too strong in the short term.
Regarding supply, OPEC oil production in April fell to its lowest level in more than two decades, to about 20.04 million barrels/day.
Analysts predict oil prices will remain above the 100 USD/barrel mark for most of the rest of this year. The average oil price for the whole year 2026 is forecast to be around 97 USD/barrel, as the market is unlikely to return to normal soon, even if the Strait of Hormuz is reopened.
Domestic gasoline prices today
On May 12, retail gasoline and oil prices according to the price list announced by Petrolimex in region 1 and region 2 are as follows:
The retail price of gasoline and oil in the country mentioned above was adjusted by the inter-ministry of Industry and Trade - Finance from 3:00 PM on May 7.
In the past month, domestic gasoline and oil prices have been continuously adjusted down sharply. Among them, diesel oil prices decreased the most deeply, from 49,788 VND/liter recorded on April 3 to 27,494 VND/liter in the operating period on May 7, corresponding to a decrease of 22,294 VND/liter.
For RON95-III gasoline, the current retail price is 24,354 VND/liter, down 2,622 VND/liter compared to 26,976 VND/liter on April 3.
Similarly, the price of E5 RON92 gasoline also decreased by 1,638 VND/liter, from 25,428 VND/liter to 23,790 VND/liter.
Gasoline and oil discount today
- Tu Luc Petroleum Joint Stock Company 1:
+ Diesel oil 0.05S - II: 1,800 VND/liter;
+ Diesel oil 0.001S-V: 1,350 VND/liter at Duc Giang warehouse;
+ RON 95 - III gasoline: 1,650 VND/liter;
+ E5 gasoline: 1,600 VND/liter.
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ RON 95 - III gasoline: 1,500 VND/liter.
+ Diesel oil 0.05S-II: 1,800 VND/liter.
Domestic gasoline and oil price forecast for the next period
According to a representative of MIPEC Petroleum Company, according to current market developments, it is predicted that in the next price adjustment period, retail gasoline and oil prices may decrease. In which:
- RON 95 - III gasoline reduced by about 1,400 VND/liter;
- E5 RON 92 - II gasoline reduced by about 1,300 VND/liter;
- Diesel oil decreased by about 2,000 VND/liter.
Today's gasoline and oil prices are for reference only and may change according to market developments.
Refer to more articles about gasoline and oil prices HERE.
