World oil prices today
In the past week, world gasoline and oil prices simultaneously decreased sharply. WTI crude oil decreased from 76.51 USD/barrel at the end of last week to 69.23 USD/barrel at the end of this week. For the whole week, WTI oil prices decreased by 7.28 USD/barrel, equivalent to 9.51% compared to the previous week.
Brent oil from 80.57 USD/barrel at the end of last week fell to 72.60 USD/barrel at the end of this week. Overall last week, Brent oil prices fell 7.97 USD/barrel, equivalent to 9.89% compared to the previous week.
According to analysts, world oil prices plummeted last week as concerns about the risk of supply disruption through the Strait of Hormuz continued to cool down, following positive signals from the peace negotiation process between the US and Iran.
The market is currently focusing on monitoring the recovery rate of production and oil export activities of Middle Eastern countries after the conflict. Although an Iranian military source said that the number of ships allowed to pass through the Strait of Hormuz is still limited and must coordinate with the navy of the Iranian Islamic Revolutionary Guard, oil transport volume has shown clear signs of improvement.
In the trading session on June 24, both Brent and WTI oil lost about 4%, in which Brent oil prices fell to the lowest level since the US-Iran conflict broke out. The main reason is that more and more previously stranded oil tankers have left the Strait of Hormuz, reducing concerns about the risk of supply disruption.
The US side said that crude oil flow through the Strait of Hormuz has returned to pre-conflict levels, thanks to military-escorted oil tankers moving through this strategic maritime route. Sea transport data also shows that three oil tankers that were previously stranded, transporting a total of about 5 million barrels of crude oil, left the Strait of Hormuz on June 24, of which two ships were heading to Asia.
Analysts believe that these positive signals 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.
By the last trading session of the week, world oil prices continued to fall by more than 3%, closing a week of sharp decline, as more and more oil tankers left the Strait of Hormuz, despite a cargo ship being attacked near Oman Bay on June 25.
Newly released figures also show that oil transportation through the Strait of Hormuz this week has increased to its highest level since the conflict between the US, Israel and Iran broke out.
According to analysts, after a period of market concern about supply disruptions, current developments are strengthening expectations that oil supply will be more abundant in the near future, and may even soon turn into a surplus state. Along with that, crude oil and refined oil products are forecast to increase sharply, while China's oil import demand has not yet recovered clearly, creating further downward pressure on the market.
Domestic gasoline prices today
On June 28, 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: 0 VND/liter;
+ Diesel oil 0.001S-V: 0 VND/liter.
+ E10 RON 95-III gasoline: 0 VND/liter
+ E5 RON 92 - II gasoline: 0 VND/liter
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ E10 gasoline: 350 VND/liter.
+ Diesel oil 0.05S-II: 50 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 700 VND/liter;
- E5 RON 92 - II gasoline reduced by about 700 VND/liter;
- Diesel oil decreased by about 70 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.
