World oil prices today
World gasoline and oil prices simultaneously increased. At the end of yesterday's trading session (July 28), WTI and Brent oil prices decreased by 4.1% and 4.8% respectively. After 3 consecutive declining sessions with a total decrease of about 16%, Brent oil prices fell to the lowest level since July 13, while WTI oil was the lowest since July 16.
By this morning's session, both oil commodities reversed to increase sharply, at 07:41 (Vietnam time), WTI oil price was at 82.48 USD/barrel, up 3.22 USD/barrel, equivalent to an increase of 4.06%. WTI oil price closed the previous trading session at 79.26 USD/barrel, and opened today's session at 80.56 USD/barrel.
Brent oil was at 84.88 USD/barrel, up 3.06 USD/barrel, equivalent to an increase of 3.74%. Brent oil closed the previous trading session at 81.82 USD/barrel, and opened today's session at 81.84 USD/barrel.
Tensions between the US and Iran temporarily cooled down, causing oil prices to fall sharply, thereby easing concerns about inflation. However, core disagreements between the two sides have not been resolved, making the risk of prolonged disruption of maritime activities in the Strait of Hormuz still present. This is the world's most important energy transport route, transshipping about 25% of global oil and 20% of liquefied natural gas (LNG) before the conflict broke out.
On July 28, TASS news agency quoted Iranian Ambassador to Russia Kazem Jalali as saying that Iran and Oman are negotiating the fee applied to Western ships passing through the Strait of Hormuz.
According to Mr. Jalali, the discussions not only revolved around the issue of toll collection but also focused on security mechanisms and regulations for maritime activities in the Strait of Hormuz.
After the US and Iran signed a ceasefire memorandum in June, fighting broke out again from the beginning of July. On July 24-25, Iran and Oman held talks in Tehran on maritime activities in the Strait of Hormuz and agreed to continue technical consultations.
To date, Iran and Oman have not yet announced the time to make a final decision on the fee level as well as the mechanism applied to Western ships passing through the Strait of Hormuz.
Domestic gasoline prices today
On July 29, 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 23.
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.
