World oil prices
According to Reuters, at the beginning of the trading session on June 19, world oil prices stabilized after a 5% spike on June 18. WTI oil prices increased slightly while Brent oil prices decreased insignificantly.
According to Oilprice, at 4:15 a.m. on June 19 (Vietnam time), Brent oil prices fell slightly by 0.2 USD, equivalent to 0.26%, to 76.25 USD/barrel. WTI oil prices rose slightly by 0.17 USD, equivalent to 0.23%, to 75.01 USD/barrel.
Brent and WTI crude oil prices fluctuated slightly around $76/barrel, showing that investors assessed the possibility of a blockade of the Strait of Hormuz as very low, despite escalating tensions between Iran and Israel.
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| Oil prices were relatively stable on June 19. Illustration: Getty |
The Strait of Hormuz is one of the most strategically sensitive energy routes in the world, and the global oil market is facing a common concern as to whether Tehran will choose to block the Strait of Hormuz. Eni CEO Claudio Descalzi said that Iran's closure of the strait is unlikely.
"It would be very difficult to close the Strait of Hormuz, because everyone would be affected, including Iran," "I believe they are rational enough not to do this," Descalzi told Reuters.
The Strait of Hormuz is the only sea route leading into the Persian Gulf, located between Iran and Oman and the United Arab Emirates (UAE). It is the gateway connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea in the Indian Ocean.
According to the US Energy Information Administration (EIA), about 20% of global oil consumption is transported through this strait.
Experts say that a blockade of the Strait of Hormuz, if it happens, would send global oil prices soaring and increase the risk of widespread conflict. Even countries that do not import oil from this region would be affected if the strait were closed, as a sharp drop in supply would push global oil prices higher.
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| Photo illustration: Business Port Nigeria |
According to Sputnik news agency (Russia), Dr. Tilak Doshi, an expert at the King Abdullah Center for Petroleum and Energy Studies, warned that if Iran actually blockades the Strait of Hormuz, oil prices could skyrocket to $130/barrel, even reaching $300/barrel in the worst case scenario.
“Such high prices will certainly not be supported by the US government, and Washington will likely try to find a solution to end the war soon,” Mr. Doshi commented.
Even if Iran does not block the Strait of Hormuz, military action against its oil infrastructure, including refineries and export systems, could still push oil prices to $80 or even $90 a barrel, according to Marc Ayoub, an energy policy researcher.
He analyzed that if the situation continues as it is now, oil prices could remain stable, with a ceiling of around $80/barrel. “However, if Israeli oil fields such as Kareesh or Leviathan are also attacked, prices could increase by another $5 to $10, which means they could reach $90/barrel or higher,” said Mr. Marc Ayoub.
Domestic gasoline prices
Domestic retail prices of gasoline on June 19, specifically as follows:
| E5 RON 92 gasoline is not higher than 19,462 VND/liter. RON 95-III gasoline is not higher than VND 19,967/liter. Diesel oil is not higher than 17,700 VND/liter. Kerosene is not higher than 17,511 VND/liter. Fuel oil is not higher than 16,461 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of June 12. In this adjustment, domestic gasoline and oil prices increased simultaneously. The price of E5 RON 92 gasoline increased by 199 VND/liter, the price of RON 95-III gasoline increased by 269 VND/liter, the price of diesel oil increased by 280 VND/liter, the price of kerosene increased by 227 VND/liter and the price of fuel oil increased by 283 VND/kg.
In this operating period, the Ministry of Finance - Ministry of Industry and Trade did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Since the beginning of the year, domestic gasoline prices have undergone 24 adjustment sessions, including 9 decreases, 10 increases and 5 opposite sessions.
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Source: https://baodaknong.vn/gia-xang-dau-hom-nay-19-6-gia-xang-dau-trong-nuoc-du-bao-se-tang-manh-256003.html
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