Global Oil Prices Drop Significantly on July 12
On July 12, global oil prices experienced a notable decline, with WTI oil priced at $71.41 per barrel and
On July 15, 2026, at 6:30 PM, global oil prices saw a notable rise. West Texas Intermediate (WTI) crude oil was priced at $79.75 per barrel, up by $0.41, reflecting a 0.52% increase. Meanwhile, Brent crude oil was priced at $85.25 per barrel, rising by $0.52 or 0.61%.
The surge in oil prices continued for the second consecutive day, reaching the highest level in over a month, primarily due to escalating military tensions between the United States and Iran. Earlier in the week, both Brent and WTI had increased by approximately 2% on concerns over potential supply disruptions through the Strait of Hormuz, a critical route for about 20% of global oil and LNG shipments.
According to the Ministry of Industry and Trade, the global oil market has been influenced by several factors, including retaliatory attacks between the U.S. and Iran, ongoing assaults on oil tankers in the Strait of Hormuz, and OPEC+'s decision to increase oil production starting in August. Additionally, the military conflict between Russia and Ukraine continues, with Ukraine intensifying attacks on Russian oil refineries, while Russia has imposed a ban on diesel exports.
As of July 15, domestic oil prices in Vietnam were set as follows:
- E5 RON 92 gasoline: capped at 19,191 VND/liter, which is 812 VND/liter lower than E10 RON 95-III.
- E10 RON 95-III gasoline: capped at 20,003 VND/liter.
- Diesel 0.05S: capped at 21,745 VND/liter.
- 180 CST 3.5S mazut: capped at 13,735 VND/kg.
A representative from a local company indicated that prices for gasoline are likely to increase in the upcoming pricing cycle. However, the specific adjustments will depend on the allocation and use of the Fuel Price Stabilization Fund.
Comparatively, the gasoline prices in neighboring countries are as follows:
- Thailand: 27,678 VND/liter (government subsidized).
- Cambodia: 25,738 VND/liter (government subsidized).
- Laos: 35,688 VND/liter.
- China: 29,175 VND/liter (government controlled).
- Vietnam: 20,003 VND/liter.
For diesel, the prices are:
- Thailand: 27,678 VND/liter (government subsidized).
- Cambodia: 26,715 VND/liter.
- Laos: 30,480 VND/liter.
- China: 26,234 VND/liter (government controlled).
- Vietnam: 21,745 VND/liter.
Overall, Vietnam's oil prices remain lower than those in neighboring countries with shared borders.
