World oil prices today
World gasoline and oil prices simultaneously decreased sharply. At the end of yesterday's trading session (July 1), WTI and Brent oil prices decreased by 1.32% and 1.89% respectively.
By this morning's session, both oil commodities continued to decline. At 8:31 am (Vietnam time), WTI oil price was at 67.61 USD/barrel, down 0.97 USD/barrel, equivalent to a decrease of 1.41%. WTI oil price closed the previous trading session at 68.58 USD/barrel and opened today's session at 68.10 USD/barrel.
Brent oil price was at 70.71 USD/barrel, down 0.48 USD/barrel, equivalent to a decrease of 0.67%. Brent oil price ended the previous trading session at 71.19 USD/barrel and opened today's session also at 71.19 USD/barrel.
According to analysts, oil prices have fallen to their lowest level since March as positive signals from negotiations between the US and Iran help ease concerns about the risk of supply disruptions.
Experts believe that the market is viewing the negotiations in a positive direction, thereby creating pressure to make oil prices continue to fall. Even if the negotiation process continues to achieve positive results, oil prices may fall even deeper.
Speaking on Wednesday, President Donald Trump said that the US is making very positive progress in relations with Iran and recent meetings in Doha (Qatar) have been smooth.
Over the past time, the US and Iran have conducted technical negotiations in Doha to reach an agreement on maritime operations through the Strait of Hormuz, and towards a long-term ceasefire. Although the two sides still disagree on their understanding of the temporary agreement and have conducted airstrikes against each other in the past week, the market is expecting the negotiations to help reduce tensions in the region.
Experts also believe that optimism is increasing as oil flows through the Strait of Hormuz are increasingly recovering. The market expects that after the tense period ends, producing countries will boost exploitation, bringing global oil production to record highs. Currently, oil tanker flows through the Strait of Hormuz have returned to levels equivalent to before the conflict broke out.
On the supply side, the U.S. Energy Information Administration (EIA) said that US crude oil inventories last week decreased by 3.8 million barrels, to 408.4 million barrels - the lowest level since September 2018, due to increased demand from oil refineries before the US Independence Day holiday (July 4th). However, this decrease is still lower than the forecast of 4.5 million barrels of analysts in a Reuters survey.
Notably, after 5 consecutive months of raising forecasts, experts have for the first time lowered their oil price forecast for 2026 since the US-Iran conflict broke out. According to a Reuters survey, the reopening of the Strait of Hormuz has significantly reduced concerns about the risk of prolonged supply disruptions.
In the second quarter of this year, Brent oil prices fell by about 45 USD/barrel, recording the strongest quarterly decrease since the global financial crisis in 2008. Meanwhile, WTI oil prices fell by about 31 USD/barrel, marking the largest quarterly decrease since 2020, when the Covid-19 pandemic caused global oil consumption demand to plummet.
Domestic gasoline prices today
On July 2nd, retail gasoline and oil prices according to the price list announced by Petrolimex in region 1 and region 2 are as follows:
The above-mentioned domestic retail gasoline and oil prices were adjusted by the inter-ministry of Industry and Trade - Finance from 0:00 on July 2.
Gasoline and oil discount today
- Tu Luc Petroleum Joint Stock Company 1:
+ Diesel oil 0.05S - II: 0 VND/liter;
+ Diesel oil 0.001S-V: 0 VND/liter.
+ E10 RON 95-III gasoline: 600 VND/liter
+ E5 RON 92 - II gasoline: 600 VND/liter
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ E10 gasoline: 500 VND/liter.
+ Diesel oil 0.05S-II: 200 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 decrease.
In which:
- E10 gasoline reduced by about 600 VND/liter;
- E5 RON 92 - II gasoline reduced by about 800 VND/liter;
- Diesel oil decreased by about 80 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.
