According to a survey at 11:33 a.m. on May 21 (Vietnam time), WTI oil price increased by 1.12 USD/barrel (up 1.81%), to 62.05 USD/barrel. Brent oil price increased by 1.19 USD/barrel (up 1.82%), to 66.57 USD/barrel.
Oil prices increased by more than 1% on Wednesday after reports of Israel preparing to attack Iranian nuclear facilities appeared. This news raises concerns about the possibility of a conflict, which could disrupt oil supply in the main production area in the Middle East.
ING's commodity strategists said on Wednesday: "Such an escalation not only risks Iran's supply but also in many larger areas."
Iran is the third largest oil producer among the members of the Organization of the Petroleum Exporting Countries. An Israeli attack could disrupt oil flows from the country.
There are also concerns that Iran could retaliate by blocking oil tankers through the Hormuz Strait - a strategic location in the province of Persia, where Saudi Arabia, Kuwait, Iraq and the United Arab Emirates all export crude oil and fuel.
The United States and Iran have held several rounds of talks on the nuclear program this year. In particular, US President Donald Trump has restored strong sanctions targeting Iran's oil exports to force the country to abandon its nuclear ambitions.
"icro-nuclear talks between the US and Iran, if successful, could help the oil market grow further," said ING analysts. However, for now, the negotiations seem to be running out of energy."
According to Mr. Doan Tien Quyet, data analysis expert of VPI, the retail price of E5 RON 92 gasoline may decrease by 96 VND (0.5%) to 19,084 VND/liter, while RON 95-III gasoline may decrease by 235 VND (1.2%) to 19,355 VND/liter.
VPI's model also predicts that retail oil prices this period will tend to increase by 0.9 - 2.5%. Specifically, mazut is forecast to increase by 2.5% to VND 16,564/kg, followed by diesel which may increase by 1.4% to VND 17,461/liter, while kerosene may only increase by 0.9% to VND 17,459/liter. VPI forecasts that the Ministry of Finance - Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.
Domestic retail gasoline prices on May 21, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 15 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on May 15, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, priced at VND19 cul/liter (up VND403/liter). RON 95-III gasoline price increased compared to the previous adjustment period, priced at VND19,594/liter (up VND415/liter).
Prices of oil products increased simultaneously. Of which, diesel 0.05S is priced at VND17,228/liter (up VND419/liter); kerosene has a new price of VND17,226/liter (up VND285/liter); mazut is priced at VND16,160/kg (up VND627/kg).
