Oil Prices Plummet Amid Escalating Tensions Between Iran and the US

Global oil prices took a sharp dip in the first trading session of the week, with WTI oil price falling to $85.80 per barrel and Brent oil dropping to $90.92 per barrel. This marks a decrease of 1.45% for WTI and 1.89% for Brent compared to their previous trading sessions.

The decline in oil prices comes amidst the market's close monitoring of global crude oil reserves, which are expected to reach 3.45 billion barrels by August 31, down 6% from February 2022 when US and Israeli military operations against Iran escalated tensions in the region.

Iranian Secretary of the Supreme National Security Council Mohsen Rezaei warned that any country participating in the US-led economic war against Iran would be considered an enemy by Tehran. He also threatened to prevent oil exports through the Strait of Hormuz if neighboring countries choose to participate in the US-led measures.

Petrolimex, Vietnam's largest fuel distributor, announced a price list for region 1 and region 2 with domestic retail gasoline prices adjusted according to the inter-ministry of Industry and Trade - Finance's management period from August 20. Tu Luc Petroleum Joint Stock Company and MIPEC Petro also offered discounts on certain types of oil.

A representative of a gasoline and oil business predicted that in the next price adjustment period, retail gasoline and oil prices may increase by around 200 VND per liter for E10 gasoline, 200 VND per liter for E5 RON 92-II gasoline, and 180 VND per liter for diesel oil.