WTI Oil Price Dips 0.60% as Tensions with Iran Continue

Oil prices continued to fluctuate strongly on August 21st, following yesterday's trading session. WTI oil price decreased by 0.60% to $86.31 per barrel, while Brent oil increased by 0.16% to $93.36 per barrel. The fluctuations are attributed to escalating tensions related to Iran and the impact of reduced crude oil allocation to refineries.

The US Energy Information Administration (EIA) reported that US distillate fuel inventories decreased for the third consecutive week, while commercial crude oil inventories unexpectedly increased by 4.4 million barrels in the week ending August 14. The tensions with Iran are also affecting the supply of refined fuel.

Domestic retail gasoline prices have been adjusted according to Petrolimex's price list, with a slight increase of $600 VND per liter for E10 RON 95-III gasoline and E15 RON 92-II gasoline. Tu Luc Petroleum Joint Stock Company and MIPEC Petro also announced discounts on diesel oil.

A representative from the gasoline and oil business predicts that retail prices may increase in the next price adjustment period, with a predicted increase of $400 VND per liter for E10 gasoline and E5 RON 92-II gasoline, and $600 VND per liter for diesel oil.