World oil prices
Updated at 8:00 a.m. this morning (Vietnam time), according to data from Trading Economics, WTI oil price was trading at 70.57 USD/barrel, up 0.52 USD, equivalent to 0.74% on the day. Brent oil increased 0.58 USD, to 73.51 USD/barrel, equivalent to 0.84%.
World oil prices are on a strong rise. In May alone, WTI oil increased by 17.8% compared to the previous month, while Brent oil also increased by 13.78%. However, compared to the same period in 2024, oil prices still recorded a decrease of 8% - 11%.
Political tensions are a major factor driving oil prices. On the Truth Social platform, former President Donald Trump warned: 'Iran cannot have nuclear weapons. I have said this many times! Everyone must evacuate Tehran immediately!'
Meanwhile, late on June 16, Israel Defense Forces (IDF) spokesperson General Effie Defrin announced that Israel had taken full control of Tehran's airspace in preparation for the next airstrike. 'The Israeli Air Force has established the capability to gain total air superiority over the Iranian capital', he said at a press conference.
However, market developments were not entirely consistent. Brent crude futures temporarily adjusted down 1.3% to $73.2 a barrel in the first session of the week, due to signals from Iran that the country is looking to cool the situation and resume nuclear negotiations with the West.
Still, risks remain high as Iran threatens to close the Strait of Hormuz, a waterway that carries about 20% of the world’s oil. If that happens, it could send oil prices above $100 a barrel, sending global fuel markets into a new spiral of uncertainty.
In that context, domestic gasoline prices are forecast to be under pressure to increase in the next adjustment period if the conflict does not cool down soon.
Domestic gasoline prices
On the afternoon of June 12, the Ministry of Industry and Trade - Ministry of Finance announced a slight increase in domestic gasoline prices. The increase ranges from 199 to 283 VND/liter (or kg), officially applied from 3:00 p.m. on June 12 to June 19, 2025.
Specifically, the price of E5 RON92 gasoline increased by VND199/liter, to VND19,462/liter. RON95-III gasoline increased by VND269/liter, currently retailing at VND19,967/liter. Diesel increased the most among the popular fuels, by VND280/liter, to VND17,700/liter. Kerosene and fuel oil also increased simultaneously, reaching VND17,511/liter and VND16,461/kg, respectively.
Notably, in this adjustment period, the Joint Ministry did not make any provision or disbursement from the Petroleum Price Stabilization Fund for any product.
This is the third consecutive price increase since the beginning of June. Previously, in the adjustment period on June 5, gasoline prices were also adjusted up slightly, except for fuel oil.
According to the Ministry of Industry and Trade, domestic gasoline prices increased mainly due to the impact of the world market. From June 5 to June 11, global oil prices tended to increase due to a series of factors such as: tensions between the US and Iran related to nuclear negotiations, decreasing crude oil inventories in the US, US tax policy moves with trade partners, and complicated developments of the Russia-Ukraine conflict.
The average price of finished petroleum products in the world during this management period also recorded a significant increase. The price of RON92 gasoline - the raw material for blending E5 RON92 increased by 1.42%, to 76.748 USD/barrel; RON95 gasoline increased by 1.76%, reaching 78.664 USD/barrel; kerosene increased by 1.62%; diesel increased by nearly 2%, and fuel oil increased by more than 2.3%.
Source: https://baonghean.vn/gia-xang-dau-hom-nay-17-6-leo-thang-cang-thang-israel-iran-day-gia-xang-tang-manh-10299794.html
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