Oil prices have experienced a notable surge this week, with West Texas Intermediate (WTI) crude oil rising from $71.41 per barrel to $82.49, marking an increase of 15.5%. Similarly, Brent crude oil prices rose from $76.01 to $88.10 per barrel, reflecting a 15.9% increase. This dramatic rise in oil prices is largely driven by escalating tensions between the United States and Iran.

The ongoing conflict has heightened fears of potential disruptions in oil supply from the Middle East, particularly through the Strait of Hormuz, which is a crucial maritime route for approximately 20% of the world's oil and liquefied natural gas (LNG) shipments. Reports indicate that U.S. airstrikes in Iran have intensified, resulting in casualties and injuries, further exacerbating the situation.

Investors are increasingly alarmed by the possibility of further attacks on oil tankers, which could lead shipping companies to limit or suspend operations in the Gulf region. Such actions would likely disrupt global oil supply, exerting additional upward pressure on prices.

As of July 19, 2026, domestic retail prices for gasoline and oil in Vietnam have also been adjusted in response to these global trends. According to Petrolimex, the prices reflect the latest market conditions and are subject to change based on ongoing developments.

Overall, the current geopolitical climate is creating significant uncertainty in the oil market, prompting analysts to closely monitor the situation as it unfolds.