According to a survey at 9:45 a.m. on April 12 (Vietnam time), WTI oil price increased by 1.43 USD/barrel (up 2.38%), to 61.50 USD/barrel. Brent oil price increased by 1.43 USD/barrel (up 2.26%), to 64.76 USD/barrel.
"Strictly implementing restrictions on Iranian crude oil exports will reduce global supply," said Andrew Lipow, chairman of Lipow Oil Associates. China may continue to buy oil from Iran."
Wright's comments have created momentum for oil prices to increase, after strong fluctuations this week as the new tariff regime of US President Donald Trump has forced traders to reassess the geopolitical risks that the crude oil market is facing.
This week, President Trump has temporarily suspended heavy tariffs on dozens of other trading partners. However, the prolonged dispute between the world's two largest economies is likely to reduce global trade volumes, disrupt trade routes, put pressure on global economic growth and reduce demand for oil.
Ole Hansen - Director of Commodity Strategy at Saxo Bank - said: "Although the application of some tariffs, tax excluding those for China, has been delayed for 90 days, the damage to the market has occurred, making it difficult for prices to stabilize again".
Ole Hansen - Head of Commodity Strategy at Saxo Bank - said: "Although the application of some tariffs, tax excluding those on China, has been delayed for 90 days, the damage to the market has occurred, making it difficult for prices to stabilize again".
The US Energy Information Administration lowered its global economic growth forecast on Thursday and warned that tariffs could put great pressure on oil prices. The agency has also lowered its forecast for US and global oil demand this year and next year.
For the domestic market, a petroleum business predicts that in the next price adjustment period, retail prices of petroleum may continue to decrease. In particular, RON 95 gasoline price may decrease by about 600-800 VND/liter; E5 gasoline may decrease by about 650-800 VND/liter; Diesel oil decrease by about 400-600 VND/liter.
Domestic retail gasoline prices on April 12, 2025 will be applied according to the adjustment session from 3:00 p.m. on April 10 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on April 10, the price of E5 RON 92 gasoline decreased compared to the previous adjustment period, at VND18,882/liter (down VND1,491/liter). RON 95-III gasoline price decreased compared to the previous adjustment period, at VND19/207/liter (down VND1,712/liter).
Prices of oil products also decreased simultaneously. Of which, diesel 0.05S is priced at VND17,243/liter (down VND1,235/liter); kerosene has a new price of VND17,413/liter (down VND1,322/liter); mazut is priced at VND15,902/kg (down VND1,124/kg).
