World oil prices today
World gasoline and oil prices recorded notable fluctuations. At the end of yesterday's trading session (July 20), WTI and Brent oil prices increased by 0.9% and 1.3% respectively. But by this morning's session, both oil products simultaneously decreased slightly. At 7:26 am (Vietnam time), WTI oil price was at 82.47 USD/barrel, down 0.01 USD/barrel, equivalent to a decrease of 0.01%. WTI oil closed the previous trading session at 82.48 USD/barrel, and opened today's session at 82.56 USD/barrel.
Brent oil was at 88.91 USD/barrel, down 0.05 USD/barrel, equivalent to a decrease of 0.06%.
World oil prices continued to rise in the first trading session of the week as the market struggled between expectations that the US and Iran could resume negotiations with new concerns about the risk of disruption of oil supply from the Middle East, after the Houthi forces in Yemen announced the imposition of sea blockade against Saudi Arabia.
Conflict in the Middle East continued to escalate last weekend. The US conducted its ninth consecutive night of airstrikes against Iran, while Washington's two allies, Kuwait and Bahrain, said they continued to suffer attacks from Iran.
Iran on July 20 declared that it would not allow the essential Hormuz Strait to be used by rivals to threaten the country's security, amid tensions between the US and Iran surrounding this waterway route.
Before the conflict broke out, about 20% of global oil supplies were transported through the Strait of Hormuz - a strategic maritime route connecting the Persian Gulf to the world market. Iran has also called on the Houthi forces to blockade transport routes in the Red Sea if the US continues to attack its energy infrastructure.
According to LSEG data, only 4 ships passed through the Strait of Hormuz on July 19, halving compared to 12 ships on July 18. Since the end of last week, only 3 oil product ships and one large crude oil tanker (VLCC) entered the Strait of Hormuz to receive goods.
Satellite data and industry sources also show that oil transfer activities between ships in the waters outside the Strait of Hormuz are slowing down after a series of attacks targeting commercial ships that the West accuses Iran and its allied forces of carrying out.
The sharp decrease in ship traffic through the Strait of Hormuz shows that expectations for the recovery of sea transport activities in the region are gradually weakening, increasing concerns about the risk of disruption of global oil supply in the near future.
Domestic gasoline prices today
On July 21, 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.
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 1,200 VND/liter
- E5 RON 92 - II gasoline increased by about 1,300 VND/liter;
- Diesel oil increased by about 700 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.
