At 18:43 on May 25, world oil prices simultaneously fell sharply. Accordingly, WTI oil price was at 90.91 USD/barrel, down 5.69 USD/barrel, equivalent to a decrease of 5.89%. Brent oil was at 94.56 USD/barrel, down 5.65 USD/barrel, equivalent to a decrease of 5.64%.
Oil prices fell more than 5% to a two-week low on Monday as optimism increased that the United States and Iran are getting closer to a peace agreement, although the two sides remain disagreed on key issues such as blockading the Strait of Hormuz.
The market is increasingly expecting that a potential agreement between the US and Iran could lead to the reopening of the Strait of Hormuz, thereby reducing one of the biggest geopolitical risks weighing on global assets in recent months.
President Donald Trump said last weekend that an agreement with Iran has been "mostly negotiated," while many reports from the media suggest that this agreement may include reopening the aforementioned vital maritime shipping route.
Experts believe that oil prices can only cool down significantly if peace is truly maintained for a long time and oil production in the Middle East is restored to stability. However, with the current instability, the global energy market is expected to continue to fluctuate strongly in the near future.
Regarding the domestic gasoline and oil market, a representative of a business said that finished gasoline and oil prices continue to decrease. Accordingly, it is forecast that gasoline and oil prices in the operating period on May 28 will simultaneously reverse to decrease. In which, it is forecast that RON95 gasoline may decrease by 1,500 - 2,000 VND/liter; E5 RON92 gasoline decreases by 1,300 - 1,800 VND/liter; DO oil decreases by 1,000 - 1,500 VND/liter.
Domestically, the selling prices of popular consumer gasoline and oil items on the market on May 25 are as follows:
- E5 RON 92 gasoline: not higher than 24,340 VND/liter, 1,209 VND/liter lower than RON 95-III gasoline;
- RON 95-III gasoline: not higher than 25,549 VND/liter;
- Diesel oil 0.05S: not higher than 28,761 VND/liter;
- 180CST 3.5S fuel oil: not higher than 21,483 VND/kg.
