World oil prices today
World gasoline and oil prices simultaneously increased sharply. At the end of the first trading session of the week (July 13), WTI and Brent oil prices increased by 9.42% and 9.59% respectively.
This is the strongest one-day increase for Brent oil since the beginning of April, bringing oil prices to the highest closing level since June 12. Meanwhile, WTI oil recorded the strongest one-day increase since the end of April and reached the highest level since June 15.
By this morning's session, both oil commodities continued the upward trend. At 8:04 am (Vietnam time), WTI oil price was at 79.56 USD/barrel, up 1.42 USD/barrel, equivalent to an increase of 1.82%. WTI oil price closed the previous trading session at 78.14 USD/barrel and opened today's session at 77.92 USD/barrel.
Brent oil price was at 84.61 USD/barrel, up 1.39 USD/barrel, equivalent to an increase of 1.67%. Brent oil price ended the previous trading session at 83.22 USD/barrel and opened today's session at 83.23 USD/barrel.
Oil prices soared after the US announced it would re-impose naval blockades on Iran's entire coast, seaports and oil and gas facilities. This move raises concerns about the risk of disruption of oil supply and transportation through the Strait of Hormuz - a strategic shipping route that transports about 1/5 of global oil consumption.
According to the US-led Joint Maritime Information Center (JMIC), the new naval blockade is expected to take effect from 8 pm GMT on July 14, applying to the entire coast, seaports and oil storage facilities of Iran.
Previously, US President Donald Trump announced that Washington would re-impose naval blockades after fighting between the US and Iran broke out again, and said that the US would charge 20% for goods transported through the Strait of Hormuz.
The US tightening of maritime operations against Iran, along with retaliatory attacks between the two sides and a decrease in ship traffic through the Strait of Hormuz, have significantly increased the risk of short-term oil supply disruptions.
In the opposite direction, the Iranian Military Command declared that it would not allow the US to "intervene" in the management of the Hormuz Strait "under any circumstances", and warned that any attempts to pass through this area without Tehran's permission would be prevented.
Besides tensions in the Middle East, the oil market is also affected by new developments in Russia. The Security Service of Ukraine said it has launched attacks targeting an oil storage facility in Stavropol and three oil tanks in the Caucasus port of Krasnodar region.
Meanwhile, according to data from the US Department of Energy, crude oil in the Strategic Oil Reserve (SPR) decreased by about 3 million barrels last week, to 316.5 million barrels - the lowest level since April 1983. This decrease is part of the plan to release a total of 172 million barrels of oil from the US Strategic Reserve.
Domestic gasoline prices today
On July 14, 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: 350 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, it is predicted that in the next price adjustment period, retail gasoline and oil prices may increase.
In which:
- E10 gasoline increases by about 150 VND/liter
- E5 RON 92 - II gasoline increases by about 0-50 VND/liter;
- Diesel oil increased by about 1,400 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.
