World oil prices today
In the past week, world gasoline and oil prices reversed to increase sharply. WTI crude oil increased from 77.08 USD/barrel at the end of last week to 82.40 USD/barrel at the end of this week. Overall last week, WTI oil prices increased by 5.32 USD/barrel, equivalent to an increase of 6.90% compared to the end of last week.
Brent oil increased from 82.21 USD/barrel at the end of last week to 88.60 USD/barrel at the end of this week. Over the past week, Brent oil prices increased by 6.39 USD/barrel, equivalent to an increase of 7.77% compared to the end of last week.
World oil prices rose sharply last week amid no progress in US-Iran peace talks, while attacks targeting oil tankers continued to occur.
Right from the beginning of the week, Iran and the US made mutual compensation requests, reducing the prospect of reaching an agreement to reopen the Strait of Hormuz.
Iran declared that the US must lift sanctions against Tehran and meet some other conditions to reopen this important shipping route. Meanwhile, US President Donald Trump asked Iran to compensate "all those they have killed and seriously injured".
During the week, attacks on ships in the Middle East continued, while negotiations to end the conflict with Iran fell into deadlock.
According to Reuters, sea transport data shows that the number of ships passing through the Strait of Hormuz has decreased to a very low level, only 8 ships on August 11. Before the conflict in the Middle East occurred, about 125-140 ships passed through this sea route every day.
However, the upward momentum of oil prices was somewhat limited when organizations lowered their global oil demand forecast for 2026.
In addition, data released by the US Energy Information Administration (EIA) on August 12 showed that US crude oil inventories recorded the largest weekly increase since January 2023, amid a sharp decrease in oil exports.
Specifically, in the week ending August 7, US crude oil inventories increased by 17.4 million barrels, to 424.4 million barrels, the highest level since June 5.
Domestic gasoline prices today
On August 16, 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 August 13.
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 400 VND/liter
- E5 RON 92 - II gasoline increased by about 420 VND/liter;
- Diesel oil increased by about 800 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.
