Oil prices today, July 22: Brent oil "breaks" the 69 USD mark: EU sanctions on Russia are "paper tigers"?

Today, world oil prices continue to decrease slightly. Domestically, retail prices remain stable after the latest adjustment.

World oil price developments

In the early morning of July 22, Brent oil prices fell to $68.77/barrel and WTI fell to $66.91/barrel. This is the third consecutive decline in the context of the latest sanctions from Europe against Russia, which are considered to have little impact on global supply.

The European Union has approved its 18th package of sanctions, which includes a ban on imports of refined oil products from Russia produced in third countries. However, analysts say the sanctions will be difficult to enforce, leaving the market less concerned about the risk of supply shortages.

In addition, trade tensions due to the US's plan to impose tariffs on EU goods from August 1 also affected market sentiment, raising concerns about oil demand in the coming time.

Global supply

Despite the US recording its lowest rig count since 2021, oil prices have yet to find enough momentum to rally. Meanwhile, the diesel-Brent spread has widened to its highest level since early 2024, reflecting concerns about growing distillate supplies.

Iran is expected to resume nuclear talks with European powers on July 25, raising the possibility of further changes in supplies from the Middle Eastern nation.

Domestic gasoline prices remain stable

In Vietnam, retail gasoline prices are still subject to the adjustment period from 3:00 p.m. on July 17. Accordingly, the price of E5 RON92 gasoline decreased to VND19,481/liter and RON95 gasoline to VND19,925/liter. Diesel and fuel oil also decreased slightly, while kerosene increased slightly to VND18,429/liter.

The Ministry of Industry and Trade and the Ministry of Finance will not set aside or use the Price Stabilization Fund during this period. Global market fluctuations, including US oil inventory data, the Russia-Ukraine conflict and the US's new import policy, will continue to be the main factors affecting prices in the coming time.

Fuel type	Maximum price	Unit of measure
E5 RON92 gasoline	19,481 VND/liter	Liter
Gasoline RON95-III	19,925 VND/liter	Liter
Diesel 0.05S	18,799 VND/liter	Liter
Oil	18,429 VND/liter	Liter
Mazut oil 180CST 3.5S	15,478 VND/kg	Kilogram

Source: https://baodanang.vn/gia-xang-dau-hom-nay-22-7-dau-brent-thung-moc-69-usd-eu-trung-phat-nga-la-ho-giay-3297526.html