World oil prices today
World gasoline and oil prices reversed to increase. At the end of the weekend trading session, WTI oil price was at 105.42 USD/barrel, up 4.25 USD/barrel, equivalent to an increase of 4.2%. WTI oil price closed the previous trading session at 101.17 USD/barrel, and opened today's session at 101.97 USD/barrel.
Brent oil was at 109.26 USD/barrel, up 3.54 USD/barrel, equivalent to an increase of 3.35%. Brent oil closed the previous trading session at 105.72 USD/barrel, opening the weekend session at 106.58 USD/barrel.
According to analysts, world oil prices rose sharply in the last session of the week due to concerns that tensions between the US and Iran continue to escalate.
Iran said Tehran is only willing to negotiate if Washington shows real goodwill. Iran also affirmed that it has prepared for the possibility of a military conflict returning, but still leaves the diplomatic door open. Meanwhile, the US said it is gradually losing patience with Iran. Washington emphasized that Tehran cannot possess nuclear weapons, and asked this country to reopen the Strait of Hormuz.
For the US-China Summit, one of the results that the market expects is the possibility of strengthening energy cooperation. President Donald Trump said that China wants to buy more oil from the US and Washington may also consider lifting sanctions against Chinese businesses importing Iranian oil.
Analysts believe that the focus of market attention is now returning to the deadlock in the Strait of Hormuz along with the risk of escalating military conflict. The blockade of the Strait of Hormuz takes place in the context of a sharp drop in global oil reserves.
The world is consuming reserve oil at an unprecedented rate," experts warn. Strategic stockpile discharge and demand cuts only help avoid immediate shocks, while safe space is rapidly shrinking.
If the Strait of Hormuz continues to be closed for a long time, the oil market will become increasingly tight, the risk of refined fuel shortages increases, and oil prices may continue to face upward pressure for many weeks, even months to come.
Experts believe that oil prices are also affected by the attacks of Ukraine on Russian oil refineries, besides the US-China meeting that has not made significant progress in efforts to reopen the Strait of Hormuz.
Domestic gasoline prices today
On May 16, 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 pm on May 14.
Gasoline and oil discount today
- Tu Luc Petroleum Joint Stock Company 1:
+ Diesel oil 0.05S - II: 450 VND/liter;
+ Diesel oil 0.001S-V: 600 VND/liter at Duc Giang warehouse;
+ RON 95 - III gasoline: 300 VND/liter;
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ RON 95 - III gasoline: 300 VND/liter.
+ Diesel oil 0.05S-II: 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.
