Oil Prices Plummet Amid Middle East Tensions

Oil prices have seen a reversal of direction in recent weeks, turning downwards for the first time this month. According to latest data, WTI oil has fallen below $100 per barrel, while Brent oil is trading at around $103 per barrel. This decline is attributed to ongoing tensions in the Middle East, specifically Iran-backed Houthi forces' attacks on Saudi Arabia and cargo ships in the Gulf region.

The situation remains volatile, with supplies of crude oil still scarce despite some easing of concerns about supply disruptions. The Strait of Hormuz continues to see reduced tanker traffic, while regional energy infrastructure is at risk due to ongoing tensions between Saudi Arabia and Houthi forces.

In Vietnam, domestic retail gasoline prices have been adjusted by Petrolimex in response to the inter-ministry of Industry and Trade - Finance's management period. The price adjustments are as follows: E10 gasoline reduced by around 500 VND/liter, while E5 RON 92-II gasoline is expected to increase by approximately 400 VND/liter. Diesel oil will see a rise of about 300 VND/liter.