World oil prices today
World gasoline and oil prices continued to fall sharply. At the end of yesterday's trading session (June 24), WTI and Brent oil prices decreased by 3.9% and 4.3% respectively.
Thus, Brent oil prices have fallen to their lowest level since the US-Iran conflict broke out, as concerns about supply cool down as more and more oil tankers stranded leave the Strait of Hormuz.
By this morning's session, both oil commodities continued to decline. At 7:44 am (Vietnam time), WTI oil price was at 69.99 USD/barrel, down 0.23 USD/barrel, equivalent to a decrease of 0.34%. WTI oil price closed the previous trading session at 70.34 USD/barrel and opened today's session at 69.85 USD/barrel.
Brent oil price was at 73.54 USD/barrel, down 0.19 USD/barrel, equivalent to a decrease of 0.26%. Brent oil price ended the previous trading session at 73.41 USD/barrel and opened today's session at 73.44 USD/barrel.
According to analysts, crude oil flow through the Strait of Hormuz has recovered to near pre-conflict levels as military-escorted oil tankers leave this strategic shipping route. In the past 24 hours, about 20 million barrels of oil have been transported through the Strait of Hormuz. However, maritime operations are still not completely normal due to the impact of the minefields that Iran has planted in the area.
Sea transport data shows that 3 oil tankers, with a total volume of about 5 million barrels of crude oil, left the Strait of Hormuz on June 24, including 2 ships heading to Asia. This development comes after a temporary agreement between the US and Iran helped release part of the supply that was once blocked in the Gulf region.
Analysts believe that positive signals from the Persian Gulf are strengthening expectations for the recovery of oil flows through the Strait of Hormuz. The number of ships passing by has increased in recent days, although still significantly lower than before the conflict broke out.
This week, the US also allowed Iran to resume oil exports, while partially easing sanctions to promote the process towards a peace agreement with Tehran, in exchange for commitments on nuclear inspection and ensuring freedom of navigation through the Strait of Hormuz.
Analysts believe that if sanctions continue to be eased, Iran's oil production and exports could increase rapidly in just a few weeks thanks to large oil reserves anchored on oil tankers.
Meanwhile, Oman announced that it would maintain the opening of the Strait of Hormuz, not charging ships and establishing two more temporary shipping routes to support ships leaving the safe area.
In the US, the supporting factor for oil prices still comes from the sharp decline in inventories. According to the US Energy Information Administration (EIA), the country's total crude oil reserves, including trade reserves and strategic reserves, decreased by 15.1 million barrels in the week ending June 19, down to 743.3 million barrels - the lowest level since 1984.
Domestic gasoline prices today
On June 25, 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 were adjusted by the inter-Ministry of Industry and Trade - Finance from 3 pm on June 18. In which gasoline and oil prices simultaneously decreased.
Gasoline and oil discount today
- Tu Luc Petroleum Joint Stock Company 1:
+ Diesel oil 0.05S - II: 100 VND/liter;
+ Diesel oil 0.001S-V: 100 VND/liter.
+ E10 RON 95-III gasoline: 200 VND/liter
+ E5 RON 92 - II gasoline: 200 VND/liter
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ E10 gasoline: 600 VND/liter.
+ Diesel oil 0.05S-II: 300 VND/liter.
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 continue to decrease.
In which:
- E10 gasoline reduced by about 800 VND/liter;
- E5 RON 92 - II gasoline reduced by about 700 VND/liter;
- Diesel oil decreased by about 1,600 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.
