On July 12, 2026, global oil prices saw a significant decrease, with West Texas Intermediate (WTI) oil dropping to $71.41 per barrel, down by $0.67, or 0.93%. Meanwhile, Brent oil was priced at $76.01 per barrel, a reduction of $0.29, or 0.38%. Over the past week, however, WTI oil prices had increased by 3.82%, and Brent oil prices rose by 5.39%.

The decline in oil prices is largely influenced by escalating tensions between the United States and Iran, which have heightened supply risks in the Middle East. The conflict has intensified, and operations in the Strait of Hormuz have not yet returned to normal. Nevertheless, ongoing technical negotiations between the two nations have led to market expectations that a full-scale war may not occur.

According to the Ministry of Industry and Trade, the global oil market has been affected by several key factors, including retaliatory attacks between the U.S. and Iran, continued assaults on oil tankers in the Strait of Hormuz, and OPEC+ agreeing to increase oil production starting in August. Additionally, the ongoing military conflict between Russia and Ukraine continues to impact oil refining facilities in Russia, while Russia has imposed a ban on diesel exports.

As of July 12, domestic fuel prices in Vietnam are set as follows:

• E5 RON 92 gasoline: not exceeding 19,191 VND/liter, which is 812 VND/liter lower than E10 RON 95-III.
• E10 RON 95-III gasoline: not exceeding 20,003 VND/liter.
• Diesel 0.05S: not exceeding 21,745 VND/liter.
• 180 CST 3.5S mazut: not exceeding 13,735 VND/kg.

A representative from a local company indicated that in the upcoming pricing adjustment period, gasoline prices may decrease by approximately 100 to 500 VND/liter, while diesel prices might see a slight increase. However, the specific adjustments will depend on the allocation and use of the Fuel Price Stabilization Fund.

When compared to neighboring countries, the fuel prices in Vietnam remain lower. For instance, gasoline prices in Thailand are at 27,678 VND/liter (government-subsidized), while in Cambodia, it is 25,738 VND/liter (also subsidized). In Laos, the price is 35,688 VND/liter, and in China, it is 29,175 VND/liter (government-controlled). In contrast, Vietnam's gasoline price is 20,003 VND/liter.