Gasoline price today October 4, 2024: Oil price skyrocketed

Gasoline price today October 4, 2024

Recorded on Oilprice at 5:00 a.m. on October 4, 2024 (Vietnam time), WTI oil price was at 73.84 USD/barrel, up 0.23% (equivalent to an increase of 0.17 USD/barrel).

WTI oil price on the world market early morning October 4 (Vietnam time)

Similarly, Brent oil price was at 77.88 USD/barrel, up 5.03% (equivalent to an increase of 3.72 USD/barrel).

Brent oil price on the world market early morning October 4 (Vietnam time)

Oil prices jumped today on growing concerns that a spreading regional conflict in the Middle East could disrupt global crude flows.

Brent crude futures rose $3.72, or 5.03%, to $77.62 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $3.61, or 5.15%, to $73.71.

Brent crude futures hit an intraday high of $77.89 a barrel, while WTI crude futures peaked at $73.97 a barrel, both at one-month highs.

Markets are concerned about the possibility that Israel could target Iran's oil infrastructure, which could trigger retaliation.

Asked on Thursday if he supported an Israeli attack on Iranian oil facilities, US President Joe Biden told reporters that “we are discussing that.” He added: “ Nothing is going to happen today .”

The Pentagon said it was in discussions with Israeli officials about their possible response to the Iranian missile attack but declined to provide details.

" We are certainly talking to them about their response, but what their response might be, I won't speculate further. But we continue to work with them, " said Pentagon spokeswoman Sabrina Singh.

Iran is a member of the Organization of the Petroleum Exporting Countries with an output of about 3.2 million barrels per day or 3% of global output.

“ This is really going to test the mettle of the market because so far the risks to supply have been low with no disruptions, so this could be a turning point ,” said Phil Flynn, senior analyst at Price Futures Group.

Panmure Gordon analyst Ashley Kelty said there were concerns that such an escalation could prompt Iran to block the Strait of Hormuz or attack Saudi Arabian infrastructure, as it did in 2019.

The strait is a vital logistical chokepoint through which one-fifth of daily oil supplies must pass.

“ Our estimate for Q4 2024 was $75/bbl before the recent news, but if these attacks materialize, the average price could be closer to $78-80/bbl ,” said StoneX analyst Alex Hodes.

Ministers from Gulf Arab states and Iran attended a meeting of Asian nations hosted by Qatar to discuss de-escalating hostilities between Israel and Iran, three sources told Reuters on Thursday.

Gulf Arab states are seeking to reassure Iran of their neutrality in the conflict over concerns that continued violence could threaten Gulf oil facilities, two sources said.

The Ministry of Finance - Ministry of Industry and Trade has just adjusted the retail price of gasoline and oil in the adjustment period today (October 3). The application time is from 3:00 p.m. on October 3, 2024.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	18,850	-770
RON 95 gasoline	19,803	-715
Diesel	17,401	-105
Oil	17,651	-222
Fuel oil	15,003	-354

Specifically, the price of E5 RON 92 gasoline decreased by VND770/liter, down to VND18,850/liter; RON 95 gasoline decreased by VND715/liter, down to VND19,803/liter.

Diesel 0.05S price: Decreased by 105 VND/liter, down to 17,401 VND/liter; Kerosene decreased by 222 VND/liter, down to 17,651 VND/liter; Madut 180CST 3.5S decreased by 354 VND/kg, down to 15,003 VND/kg.

Domestic gasoline prices will be adjusted from 3:00 p.m. on October 3. Illustrative photo

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

Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 39 adjustment sessions, including 20 decrease sessions, 16 increase sessions and 4 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-ngay-4102024-gia-dau-tang-vot-350052.html