On June 29, 2026, global oil prices experienced a notable increase after a series of declines. As of 8:02 AM (Vietnam time), West Texas Intermediate (WTI) crude oil was priced at $68.89 per barrel, reflecting an increase of $0.66, or 0.95%. The previous trading session saw WTI closing at $69.23 per barrel and opening today at $70.09.

Brent crude oil also rose to $73.35 per barrel, up by $0.75, or 1.03%. The previous close for Brent was $72.60 per barrel, with today’s opening at $73.52.

Analysts attribute this upward trend to the escalating tensions between the United States and Iran, which have reignited concerns regarding the sustainability of a 60-day ceasefire agreement between the two nations. Before this agreement, there were fears that a conflict escalation could disrupt global oil supply.

Despite the initial easing of these concerns following the ceasefire, recent military actions have heightened risks. On June 28, Iran launched missiles and drones targeting US military bases in Bahrain and Kuwait, which Tehran claimed was retaliation for recent US airstrikes on Iranian territory.

This military action occurred shortly after the US targeted Iranian missile storage facilities, drones, and coastal radar stations in response to ongoing Iranian attacks on commercial shipping in the Strait of Hormuz, including an incident involving a Panama-flagged oil tanker.

Recent shipping data indicates that traffic through the Strait of Hormuz has partially rebounded since the ceasefire agreement. However, the continuous military exchanges between the US and Iran are viewed by investors as a test of the ceasefire’s durability and increase the risk of energy supply disruptions in the near future.

In the domestic market, as of June 29, retail prices for gasoline and oil in Vietnam were adjusted by the Ministry of Industry and Trade and the Ministry of Finance, reflecting a decrease. The prices for various fuel types were published by Petrolimex, with further reductions expected in the upcoming pricing cycle.

According to a representative from a fuel trading company, it is anticipated that retail prices for gasoline and oil may decrease further in the next adjustment, with estimates suggesting a reduction of approximately 700 VND per liter for E10 gasoline and E5 RON 92, and a decrease of about 70 VND per liter for diesel.

These price changes are subject to market fluctuations and are intended for reference only.