According to a survey at 14:31 on February 25 (Vietnam time), WTI oil price increased by 0.18 USD/barrel (up 0.25%), to 70.88 USD/barrel. Brent oil prices also increased by 0.11 USD/barrel (up 0.15%), to 74.42 USD/barrel.
Oil prices recorded growth on Tuesday, due to new US sanctions imposed on the Iranian oil producer in the Middle East, which increased concerns about the possibility of tight supply. In addition, the global refining profit margin remains high.
In the short term, I still think crude oil prices are looking for a basis, said Tony Sycamore, market analyst at IG. The new US sanctions on Iran announced overnight may support this, along with the commitment of the Iranian Oil Minister to control the situation of supply exceeding demand."
On Monday, the US imposed new sanctions on more than 30 brokerage companies, transport companies and tankers for their role in transporting Iranian oil. President Donald Trump has said he wants to bring Iran's crude oil exports to zero.
According to a Reuters survey on OPEC's output, Iran ranks third in the list of largest producers of the Organization of the Petroleum Exporting Countries, with output reaching 3.2 million barrels per day in January.
Some analysts also believe that strong fuel demand in the West is supporting the oil market.
Neil Crosby, an analyst at Sparta Commodities, said: "The global complex refining profits are looking well, with high prices for fuel oil and distillate products."
Data from LSEG shows the profit margin of a typical refinery in Singapore, when handling standard crude oil in the Dubai area, it has average reached 3.5 USD/barrel in February to date, compared to 2.3 USD/barrel in the previous month.
However, overall growth is still limited by uncertain demand prospects.
For the domestic market, a representative of a petroleum business said that petroleum prices will fluctuate according to the world situation. According to current market developments, it is forecasted that in the next price adjustment period, gasoline prices may decrease slightly.
In particular, gasoline prices are forecast to decrease by about 100-200 VND/liter; oil prices may decrease by about 50-100 VND/liter.
Domestic retail prices of gasoline and oil on February 25, 2025 are applied according to the adjustment session from 3:00 p.m. on February 20 of the Ministry of Finance - Ministry of Industry and Trade:
E5 RON 92 gasoline is not more than 20,855 VND/liter.
RON 95-III gasoline is not more than VND 21,311/liter.
Diesel oil is not more than VND 19,063/liter.
Kerosene is not more than VND19,513/liter.
Fuel oil is not more than 17,596 VND/kg.
