Global Oil Prices Plummet Amid Increased Supply and Regional Tensions

The global oil market is experiencing a simultaneous decline in prices as of September 18. The World Oil Price Index reports that Brent oil has fallen below $104 per barrel, down by 1.01 USD from yesterday's closing price. Meanwhile, the WTI oil price has decreased to $101.09 per barrel, a drop of 0.80%.

This downward trend is attributed to the increased supply of crude oil from Saudi Arabia through Oman, which is easing concerns about potential shortages. However, tensions between Saudi Arabia and Houthi forces in Yemen continue to pose a risk to transportation activities in the Red Sea and energy infrastructure in the region.

Domestically, Petrolimex has announced retail gasoline and oil prices for September 18, with no significant changes from yesterday's prices. However, industry representatives predict that the next price adjustment period may see an increase in prices, with E10 gasoline potentially rising by around 600 VND per liter.