World oil prices today
World gasoline and oil prices fluctuated sharply. At the end of the July 7 trading session, WTI and Brent oil prices increased by 2.76% and 3.01% respectively.
By this morning's session, both oil commodities had opposite trends. At 8:24 am (Vietnam time), WTI oil price was at 71.83 USD/barrel, up 1.39 USD/barrel, equivalent to an increase of 1.97%. WTI oil price closed the previous trading session at 70.44 USD/barrel and opened today's session at 72.44 USD/barrel.
Brent oil price was at 75.53 USD/barrel, down 0.35 USD/barrel, equivalent to a decrease of 0.46%. Brent oil price ended the previous trading session at 75.89 USD/barrel and opened today's session also at 75.90 USD/barrel.
According to analysts, world oil prices rose sharply after the US canceled a license allowing Iran to sell crude oil, while a series of attacks targeting ships near the Strait of Hormuz increased concerns about the risk of supply disruption from the Middle East.
The US has condemned Iran's actions in the Strait of Hormuz as "completely unacceptable", and warned Tehran that it will suffer the consequences after attacks targeting oil tankers on this strategic shipping route.
The US move was made after three oil tankers were attacked in the Strait of Hormuz. Including a Qatari liquefied natural gas (LNG) tanker that Doha accused of being attacked by Iranian drones. A Saudi Arabian-flagged crude oil tanker, believed to be the Wedyan super oil tanker, was also damaged off Oman.
Experts believe that new developments show that the memorandum of understanding between the US and Iran signed in June to end the conflict and restore maritime operations through the Strait of Hormuz is facing major challenges. However, the US's cancellation of the oil sales license is assessed to be unlikely to have a long-term impact on Iran's oil exports or the prospect of reaching a comprehensive agreement between the two sides.
However, analysts warn that the ceasefire is still very fragile. The risk of re-attacks in the coming months may cause the oil market to continue to fluctuate strongly. As long as Iran threatens to close the Strait of Hormuz once again, oil prices could skyrocket.
In addition, the re-emergence of tensions in the Middle East and attacks targeting commercial ships also risk reducing oil exports from the region, thereby continuing to put pressure on world oil prices.
Domestic gasoline prices today
On July 8th, 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 4:00 PM 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: 50 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: 400 VND/liter.
+ Diesel oil 0.05S-II: 100 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 have opposite adjustments.
In which:
- E10 gasoline reduced by about 290 VND/liter;
- E5 RON 92 - II gasoline reduced by about 470 VND/liter;
- Diesel oil increased by about 570 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.
