According to a survey at 7:20 a.m. on March 22 (Vietnam time), WTI oil prices decreased by 0.18 USD/barrel (down 0.26%), down to 67.89 USD/barrel. Brent oil price increased by 0.11 USD/barrel (up 0.15%), to 72.11 USD/barrel.
On Thursday, the US Treasury Department announced new sanctions related to Iran, targeting for the first time an independent Chinese refinery, along with many other entities and ships participating in supplying Iranian crude oil to China.
Scott Shelton, an energy analyst at ICAP City, said the move could send a message to the market that Chinese companies, Iran's largest oil importers, are not immune to US sanctions.
This is Washington's fourth round of sanctions against Tehran since President Donald Trump announced that he would implement a "maximum pressure" policy and pledged to reduce Iran's oil exports to zero in February.
UBS analyst Giovanni Staunovo said the US's increasingly tightening sanctions could make some participants in the Iranian crude oil transport market more cautious in the future.
Analysts at ANZ Bank predict that Iran's crude oil exports will decrease by 1 million barrels/day due to stricter sanctions. Ship tracking service Kpler estimates that Iran's crude oil exports will reach more than 1.8 million barrels/day in February.
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the price adjustment period this afternoon, gasoline prices may increase slightly.
In particular, the price of RON 95 - III gasoline is forecast to increase by about 60 VND/liter; E5 gasoline increases by about 60 VND/liter; Diesel increases by about 160 VND/liter.
Domestic retail gasoline prices on March 22, 2025 will be applied according to the adjustment session from 3:00 p.m. on March 20 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on March 20, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, at VND19,695/liter (up VND414/liter). RON 95-III gasoline price increased compared to the previous adjustment period, priced at VND 20,087/liter (up VND 438/liter).
Prices of oil products fluctuated in different directions. Of which, diesel 0.05S is priced at VND17,893/liter (down VND5/liter); kerosene has a new price of VND18,118/liter (up VND28/liter); mazut is priced at VND16,955/kg (down VND40/kg).
