Oil prices reverse sharply.

VTV.vn - After a sharp increase in the previous session, Brent and WTI oil prices both fell due to expectations that the Iran-Israel conflict would not escalate further.

An oil well in California, USA. Photo: AFP/VNA

Oil prices fell in Asian trading on June 9, reversing much of the previous day's gains, after both Iran and Israel announced a temporary halt to their attacks on each other following a call from US President Donald Trump.

At 1:30 PM Vietnam time, Brent crude oil prices fell $1.14, or 1.2%, to $93.11 per barrel. At the same time, West Texas Intermediate (WTI) crude oil prices fell $1.30, or 1.4%, trading at $90 per barrel.

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In the previous trading session, oil prices had briefly surged by as much as 5% after new Israeli airstrikes on Iran and attacks in Lebanon diminished the likelihood of an early end to the conflict. However, these gains were offset after Iran announced an end to its military operations against Israel.

Regarding the energy market, the Organization of Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, recently announced they will increase production by 188,000 barrels per day starting in July 2026, marking the fourth consecutive increase in the past four months. This decision was made by the seven core countries: Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia , and Oman.

This move comes amid Middle Eastern conflicts that have severely disrupted maritime traffic in the Strait of Hormuz, creating the biggest oil supply crisis in history. Since the end of February 2026, key members such as Saudi Arabia have been unable to meet their orders. The situation is further complicated by the United Arab Emirates' (UAE) departure from the organization after 60 years of membership.

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Source: https://vtv.vn/gia-dau-dao-chieu-manh-10026060917365551.htm