Gasoline prices today (June 23): Continue to increase sharply

World oil prices

According to Oilprice, at 5:15 a.m. (Vietnam time), Brent oil price increased by 3.07 USD/barrel, equivalent to 3.99%, to 80.08 USD/barrel; WTI oil price increased by 2.92 USD/barrel, equivalent to 3.95%, to 76.76 USD/barrel.

At the beginning of the first trading session of the week, world oil prices increased simultaneously after the US launched an airstrike on Iran in the early morning of June 22. According to Reuters, experts said that this increase could be stronger if Iran responds strongly, causing serious disruption to oil supplies.

US President Donald Trump said he had “obliterated” key Iranian nuclear facilities in airstrikes on Sunday, which, along with an Israeli attack, have escalated tensions in the Middle East as Tehran vowed to defend itself. Iran is the third-largest crude producer in the Organization of the Petroleum Exporting Countries (OPEC).

World oil prices are expected to continue to fluctuate strongly this week. Illustration photo: Business Port Nigeria

“Oil prices are expected to rise sharply. Even if Iran does not respond immediately, the market is still heavily influenced by the higher level of geopolitical risk,” said Jorge Leon, head of geopolitical analysis at research firm Rystad Energy and a former OPEC official.

SEB Bank analyst Ole Hvalbye said Brent crude could rise $3-5 per barrel when the market opens. Last week, Brent crude closed at $77.01 per barrel, while WTI crude closed at $73.84 per barrel.

Since the conflict between Israel and Iran erupted on June 13 with Israeli strikes on Iranian nuclear facilities and Iranian missiles targeting buildings in Tel Aviv, Brent crude prices have risen 11% and WTI has risen about 10%.

According to Reuters, current supplies remain stable and spare production capacity from other OPEC members has somewhat limited the price increase. Mr. Giovanni Staunovo, an analyst at UBS, said that the upcoming oil price trend will depend on whether there is a disruption in supply.

According to Newsweek, on June 22, the Iranian Parliament voted in favor of closing the Strait of Hormuz, one of the world's most important oil shipping chokepoints.

Iran's move to close the Strait of Hormuz would cause significant disruption to the world oil market, about 20% of global oil production passes through here every day.

"The parliament has come to the conclusion that the Strait of Hormuz should be closed. However, the final decision on this issue lies with the Supreme National Security Council," said Ismail Kowsari, commander of the Islamic Revolutionary Guard Corps (IRGC) and member of the Iranian parliament's national security committee.

So whether Tehran will actually close the Strait of Hormuz or not remains open, depending on the Supreme National Security Council led by Supreme Leader Ali Khamenei. The parliament's vote is merely a proposal for his consideration.

Illustration: Energy Now

SEB Bank said any closure of the strait would “significantly increase oil prices,” but said the scenario was unlikely because it would be damaging to all parties, including Iran.

Mr. Ajay Parmar, Director of Oil Analysis at risk analysis company ICIS, said that Iran is unlikely to be able to block the Strait of Hormuz for a long time.

“Most of Iran’s oil exports to China pass through this strait and Trump is unlikely to tolerate a sustained spike in oil prices, especially as diplomatic pressure from the world’s two largest economies would be significant,” added Ajay Parmar.

This week, global oil prices are expected to continue to fluctuate strongly, with the risk of exploding beyond the $100/barrel mark if tensions between Israel and Iran escalate and the risk of closing the Strait of Hormuz becomes a reality. Any fluctuations in the Middle East could have a reversing effect on oil prices, keeping investors on high alert.

Domestic gasoline prices

Domestic retail prices of gasoline on June 23, specifically as follows:

E5RON92 gasoline: Not higher than VND 20,631/liter.

RON95-III gasoline: No higher than VND 21,244/liter.

Diesel 0.05S: Not higher than 19,156 VND/liter.

Kerosene: Not higher than 18,923 VND/liter.

Mazut oil 180CST 3.5S: Not higher than 17,643 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of June 26. In the most recent adjustment, domestic gasoline and oil prices increased simultaneously. The price of E5 RON 92 gasoline increased by VND 1,169/liter, the price of RON 95-III gasoline increased by VND 1,277/liter, the price of diesel increased by VND 1,456/liter, the price of kerosene increased by VND 1,412/liter and the price of fuel oil increased by VND 1,182/kg.

In the last management period, the Ministry of Finance - Ministry of Industry and Trade did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

DUC AN

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Source: https://baodaknong.vn/gia-xang-dau-hom-nay-23-6-tiep-tuc-tang-manh-256356.html