On July 21, 2026, global oil prices experienced a decline following a slight increase the day before. As of 7:26 AM (Vietnam time), West Texas Intermediate (WTI) crude oil was priced at $82.47 per barrel, down by $0.01, while Brent crude oil was at $88.91 per barrel, down by $0.05.

The fluctuations in oil prices come amid ongoing tensions in the Middle East. Recent conflicts have raised concerns over potential disruptions in oil supply, particularly after the Houthi forces in Yemen announced a blockade of maritime routes affecting Saudi Arabia. The situation escalated over the weekend, with the United States conducting airstrikes against Iranian targets, while Kuwait and Bahrain reported ongoing attacks from Iran.

Iran has asserted that it will not allow the strategic Strait of Hormuz to be used by adversaries to threaten its security. This strait is crucial for global oil transport, with approximately 20% of the world’s oil supply passing through it. The Iranian government has also called on Houthi forces to block shipping routes in the Red Sea if U.S. attacks on its energy infrastructure continue.

Data from LSEG indicates a significant drop in maritime traffic through the Strait of Hormuz, with only four vessels passing through on July 19, a decrease from twelve the previous day. This decline in shipping activity raises concerns about the reliability of oil supply chains in the region.

In Vietnam, retail prices for gasoline and oil were adjusted by Petrolimex on July 21, 2026. It is anticipated that prices may increase in the next adjustment cycle, with forecasts suggesting a rise of approximately 1,200 VND per liter for E10 gasoline and 1,300 VND for E5 RON 92 gasoline, along with a 700 VND increase for diesel.

These price changes reflect the ongoing volatility in the global oil market and the potential impacts of geopolitical tensions on supply and pricing.