At the end of last week, oil prices simultaneously fell sharply. In which, WTI oil price was at 84.88 USD/barrel, down 2.83 USD/barrel, equivalent to a decrease of 3.23%. Brent oil was at 87.33 USD/barrel, down 3.05 USD/barrel, equivalent to a decrease of 3.37%.
World oil prices plummeted in the last trading session of the week as the market expected the US and Iran to reach an agreement, paving the way for the resumption of oil transportation through the Strait of Hormuz. However, the White House said that negotiations still have unresolved factors and the possibility of reaching an agreement has not been guaranteed.
According to the US side, the agreement will include reopening the Strait of Hormuz, ending the US naval blockade, lifting Iran's nuclear program and eliminating enriched uranium. In return, Iran will receive economic incentives if it fully adheres to its commitments.
For the past week, WTI oil prices fell 6.25%, Brent oil prices fell 6.19%. However, oil is still 20% higher than when the US and Israel launched military operations against Iran at the end of February.
The latest developments have helped the oil market cool down significantly after months of strong fluctuations due to conflicts in the Middle East and the risk of supply disruption through the Strait of Hormuz - a route transporting about 20% of global oil traded volume.
The world gasoline and oil market in today's operating period is influenced by key factors such as: The prolonged developments of negotiations to end the conflict between the US and Iran; increased tensions in the Middle East as the US and Iran continue to attack each other, Iran and Israel attack each other but then declare an end; the military conflict between Russia and Ukraine continues... The above factors have caused the world finished gasoline and oil prices in recent days to increase and decrease depending on each item.
Regarding domestic gasoline and oil prices, a representative of a business said that in the next week's operating period, gasoline and oil prices may simultaneously decrease sharply from 500 - 2,000 VND/liter.
The selling prices of popular consumer gasoline and oil items on the market on June 14 are as follows:
- E5 RON92 gasoline: not higher than 21,332 VND/liter;
- E10 RON95-III gasoline: Region 1 is at 22,060 VND/liter; Region 2 is at 22,500 VND/liter.
- E10 RON95-V gasoline: Region 1 at 22, 960 VND/liter; Region 2 at 23, 410 VND/liter.
- Diesel oil 0.05S: not higher than 25,877 VND/liter;
- 180CST 3.5S mazut oil: not higher than 18,608 VND/kg.
