World oil prices today
World gasoline and oil prices reversed to increase sharply after a series of previous consecutive price decreases. At the end of the trading session on July 8, WTI and Brent oil prices increased by 4.4% and 5.2% respectively.
By this morning's session, the two oil commodities increased and decreased in opposite directions. At 8:39 am (Vietnam time), WTI oil price was at 74.19 USD/barrel, up 0.67 USD/barrel, equivalent to an increase of 0.91%. WTI oil price closed the previous trading session at 73.52 USD/barrel and opened today's session at 74.69 USD/barrel.
Brent oil price was at 78.72 USD/barrel, down 0.58 USD/barrel, equivalent to a decrease of 0.73%. Brent oil price ended the previous trading session at 79.26 USD/barrel and opened today's session at 79.29 USD/barrel.
According to analysts, world oil prices have risen to their highest level in weeks after US President Donald Trump warned of possible new airstrikes against Iran.
Mr. Trump declared that the temporary ceasefire agreement reached with Iran last month "is no longer valid" and said that the US could conduct airstrikes on the night of July 8, after attacks targeting US military bases in the Gulf and oil tankers passing through the Strait of Hormuz.
However, he later affirmed that the US has no intention of launching a full-scale war with Iran. This statement caused oil prices to narrow their gains after at one point soaring nearly 9% in the trading session.
According to analysts, new developments show that transportation through the Strait of Hormuz still contains many risks of disruption. This reverses previous expectations of market surplus, and may force many short-selling investors to buy off to limit losses.
Experts believe that if tensions continue to escalate and the ship traffic through the Strait of Hormuz is still less than half of what it was before the conflict, oil prices will continue to be supported in the highlands.
The developments in recent days have also significantly reduced expectations that a 60-day ceasefire could pave the way for a long-term peace agreement.
Regarding supply and demand, data from the US Energy Information Administration (EIA) shows that distillate fuel inventories, including diesel and heating oil, decreased by nearly 5 million barrels last week thanks to strong domestic demand and exports. Meanwhile, US crude oil inventories unexpectedly increased, reflecting that supply is still relatively abundant.
Domestic gasoline prices today
On July 9, 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 390 VND/liter;
- E5 RON 92 - II gasoline reduced by about 540 VND/liter;
- Diesel oil increased by about 770 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.
