World oil prices today
World gasoline and oil prices continued to increase sharply in the first morning session of the week. At 7:59 AM, WTI oil price was at 83.60 USD/barrel, up 1.82 USD/barrel, equivalent to an increase of 2.23%. WTI oil price closed the previous trading session at 81.78 USD/barrel and opened the weekend session at 82.93 USD/barrel.
Brent oil was at 90.37 USD/barrel, up 2.27 USD/barrel, equivalent to an increase of 2.45%. WTI oil closed the previous trading session at 88.10 USD/barrel, and opened the weekend session at 90.26 USD/barrel.
World oil prices continue to rise sharply as tensions between the US and Iran escalate, raising concerns about the risk of disruption of oil supplies from the Middle East.
At the end of last week's trading session, world oil prices rose nearly 5%, to their highest level in more than a month, amid escalating conflict between the US and Iran. Investors are concerned that military tensions could affect energy supplies and maritime transport in the Middle East.
New developments on the ground further increase market anxiety. Last week, the US continued to airstrike some targets in Iran, while Tehran responded with attacks targeting US military infrastructure in Kuwait and announced that it would expand attacks targeting Washington's targets in the Middle East.
One of the factors that the market is particularly concerned about is the risk of disruption of transportation through strategic maritime routes. After the ceasefire agreement between the US and Iran broke down, oil traffic through the Strait of Hormuz decreased significantly due to attacks targeting ships passing through this area. Before the conflict broke out, about 20% of global oil consumption was transported through this maritime route.
In addition, the risk of Houthi forces in Yemen blockading the oil transport route in the Red Sea at Iran's request also increases the risk to the global energy supply chain. If both the Strait of Hormuz and the maritime route in the Red Sea are disrupted, the world oil market will face great pressure.
Domestic gasoline prices today
On July 20, 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.
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.
