World oil prices today
World gasoline and oil prices increased significantly in the first morning session of the week. At 7:52 am (Vietnam time), WTI oil price was at 74.47 USD/barrel, up 3.06 USD/barrel, equivalent to an increase of 4.29%. WTI oil price closed the previous trading session at 71.41 USD/barrel and opened today's session at 73.64 USD/barrel.
Brent oil price was at 79 USD/barrel, up 2.99 USD/barrel, equivalent to an increase of 3.93%. Brent oil price ended the previous trading session at 79.26 USD/barrel and opened today's session at 79.29 USD/barrel.
World oil prices rose as the US launched new airstrikes against Iran, while Tehran announced the closure of the Strait of Hormuz and responded with attacks targeting US facilities in many Gulf countries. This development raises concerns that the conflict in the Middle East will escalate again, threatening oil transportation through the Strait of Hormuz.
Previously, US President Donald Trump declared that the temporary ceasefire agreement signed with Iran last month was "no longer valid" and left open the possibility of continuing airstrikes after Iran's attacks on US military bases in the Gulf and oil tankers in the Strait of Hormuz. However, he later affirmed that Washington has no intention of launching a full-scale war with Iran.
According to analysts, new developments show that transportation through the Strait of Hormuz still contains many risks of disruption. This goes against previous expectations of oversupply in the oil market, and may force many short-selling investors to buy off to limit losses. If tensions continue and the volume of ships through the Strait of Hormuz remains lower than half compared to the pre-conflict period, oil prices are likely to continue to be supported in the highs.
In another development, the US's extremely low sulfury diesel price at one point increased by more than 14% after Russia banned diesel exports to stabilize the domestic fuel market. This move took place in the context of a series of unmanned assaults by Ukrainian drones targeting Russian oil refineries, causing fuel supply to tighten and gasoline prices to increase sharply.
In addition, data from the U.S. Energy Information Administration (US Energy Information Administration - EIA) shows that US distillate fuel inventories, including diesel and heating oil, decreased by nearly 5 million barrels last week thanks to strong domestic demand and exports. Meanwhile, US crude oil inventories unexpectedly increased.
Domestic gasoline prices today
On July 13, retail gasoline and oil prices according to the price list announced by Petrolimex in region 1 and region 2 are as follows:
The above domestic retail gasoline and oil prices are adjusted by Petrolimex according to the inter-ministry of Industry and Trade - Finance's management period from 3:00 PM on July 9.
Gasoline and oil discount today
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ E10 gasoline: 450 VND/liter.
+ Diesel oil 0.05S-II: 100 VND/liter.
Domestic gasoline and oil price forecast for the next period
According to a representative of a gasoline and oil business, with the increasingly complex warfare in the Middle East, domestic gasoline and oil prices in the upcoming operating period are likely to increase according to the upward momentum of world oil prices. In which, oil prices are forecast to increase by 1,000-2,000 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.
