World oil prices today
World gasoline and oil prices fluctuated sharply. At the end of yesterday's trading session (July 30), WTI and Brent oil prices decreased by 1.03% and 1.88% respectively.
By this morning's session, both oil items continued to decrease sharply. At 08:11 (Vietnam time), WTI oil price was at 82.72 USD/barrel, down 0.87 USD/barrel, equivalent to a decrease of 1.04%. WTI oil price closed the previous trading session at 83.59 USD/barrel, and opened today's session at 83.96 USD/barrel.
Brent oil was at 85.98 USD/barrel, down 1.23 USD/barrel, equivalent to a decrease of 1.41%. Brent oil closed the previous trading session at 87.21 USD/barrel, and opened today's session at 87.23 USD/barrel.
World oil prices turned down as Saudi Arabia promoted efforts to establish an international alliance to protect maritime activities in the Red Sea from Houthi attacks in Yemen. This move is seen as an effort by Gulf countries to maintain the safety of sea transport routes and limit the risk of global trade disruption.
Last week, the Houthi declared a blockade of Saudi Arabia's maritime route and then continuously claimed responsibility for attacks targeting oil tankers as well as the country's energy infrastructure.
The above developments increase concerns about Saudi Arabia's daily exports of millions of barrels of crude oil, in the context that the Strait of Hormuz is still under great pressure after Iran's control measures. This is almost the remaining strategic transport route for Saudi Arabia to bring oil to the international market. In response, Saudi Arabia launched airstrikes targeting Houthi positions.
The Red Sea currently plays a particularly important role in Saudi Arabia's oil exports, especially as tensions related to the Strait of Hormuz continue to disrupt energy flows from the Gulf region.
Meanwhile, the future of the Strait of Hormuz remains one of the key contents in the peace talks between the US and Iran. Tehran continues to affirm its right to charge fees for ships passing through this strait - a shipping route that once transported about 20% of the world's crude oil and liquefied natural gas (LNG) volume.
Observers are also increasingly concerned that Houthi may apply a similar strategy to Iran in the Bab el-Mandeb Strait - the southern gateway to the Red Sea. If this scenario occurs, the two most important energy transport routes in the world are at risk of being disrupted, increasing instability in the global oil market.
Previously, Houthi attacks targeting ships related to Israel in the Red Sea and the Gulf of Aden caused a sharp drop in sea traffic through the area amid escalating Gaza conflict. Many shipping lines were forced to divert ships around Cape of Good Hope in southern Africa, significantly increasing shipping time and costs.
Domestic gasoline prices today
On July 31, 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 30th.
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 slightly.
In which:
- E10 gasoline increases by about 0-50 VND/liter
- E5 RON 92 - II gasoline increased by about 100 VND/liter;
- Diesel oil increased by about 300 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.
