Specifically, oil prices increased by 1.43 USD, equivalent to 1.8%, to 80.67 USD/barrel. US WTI oil prices increased by 1.42 USD, equivalent to 1.9%, to 77.07 USD/barrel.
On July 17, Russia seized ships in the Black Sea after announcing it would not extend the agreement on a safe sea corridor.
The phase-off could affect the supply of ethanol and biofuel mixed with petroleum products, the analyst phase-off said.
This will lead to refineries using more crude oil. In addition, seizing the vessels could also pose additional risks to oil and other goods exports in the region.
Meanwhile, according to the US Energy Information Administration (EIA), last week, US crude oil inventories fell amid a surge in crude oil exports.
The EIA forecasts that US shale oil and gas production is likely to decline for the first time in August, raising concerns about supply shortages.
In addition, cutting the supply of the world's largest oil exporters also raises oil prices. Russia said it will cut oil exports by 500,000 barrels/day in August. While Saudi Arabia also extended the voluntary cut of 1 million barrels/day until August.
In the country, yesterday afternoon, the Ministry of Finance - Industry and Trade adjusted gasoline prices according to the cycle with gasoline prices increasing by more than 1,200 VND/liter. Oil prices increased by about 400-900 VND/liter (kg).
In this adjustment period, the inter-Ministry decided not to set aside a Price Stabilization Fund for all petroleum products and not to spend the Price Stabilization Fund for all petroleum products.
Domestic retail prices of petroleum on July 22 are specifically as follows: E5 RON 92 gasoline is not more than VND 21,639/liter; RON 95 gasoline is not more than VND 22,792/liter; diesel is not more than VND 19,500/liter; kerosene is not more than VND 19,189/liter; mazut is not more than VND 15,722/kg.
