Gasoline and oil prices today, July 19: World oil prices increase by more than 15%

World oil prices today

In the past week, world gasoline and oil prices simultaneously increased sharply. WTI crude oil increased from 71.41 USD/barrel at the end of last week to 82.49 USD/barrel at the end of this week. For the whole week, WTI oil prices increased by 11.08 USD/barrel, equivalent to about 15.5% compared to the end of last week.

Brent oil increased from 76.01 USD/barrel at the end of last week to 88.10 USD/barrel at the end of this week. For the whole week, Brent oil prices increased by 12.09 USD/barrel, equivalent to about 15.9% compared to the end of last week.

World oil prices rose sharply last week as conflicts between the US and Iran continued to escalate, raising concerns about the risk of supply disruptions from the Middle East.

US airstrikes in Iran have entered the 7th consecutive night with increasing intensity. Iranian state news agency (IRNA) on July 18 said that US attacks killed 3 people and injured 8 people in Hormozgan province, southern Iran.

The tense developments have made investors increasingly concerned about the risk of disruption of oil transportation through the Strait of Hormuz - a shipping route transporting about 20% of the world's oil and liquefied natural gas (LNG) volume. The US's increased control over maritime activities with Iran, successive retaliatory attacks, and reduced ship traffic through the region have significantly increased short-term supply risks.

Investors are concerned that if attacks targeting oil tankers continue to increase, many shipping lines may restrict or temporarily suspend operations in the Gulf, thereby disrupting oil supply in the international market and continuing to put pressure to push oil prices up.

Domestic gasoline prices today

On July 19, 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 16.