On July 26, 2026, global oil prices saw a substantial decrease, with West Texas Intermediate (WTI) falling to $85.15 per barrel, a drop of $1.86 or 2.14%. Meanwhile, Brent crude oil decreased by $3.91 to $96.78 per barrel, representing a decline of 3.88%. This sharp drop comes after a week where prices had surged significantly, with WTI up 4.12% and Brent up 9.85% over the past week.

The recent decrease in oil prices follows a period of increased volatility driven by geopolitical tensions, particularly in the Middle East. Key factors influencing the market include renewed hostilities between the United States and Iran, with the U.S. re-imposing blockades on Iranian oil exports and Iran threatening to close the Strait of Hormuz. Additionally, ongoing military conflicts between Russia and Ukraine, with Ukraine targeting Russian oil refineries, have contributed to the fluctuating prices.

According to Vietnam's Ministry of Industry and Trade, these geopolitical factors have primarily driven the recent increases in global oil prices. Despite the recent downturn, the market remains sensitive to these developments, which could lead to further price adjustments in the coming weeks.

As of July 26, the retail prices for common fuel products in Vietnam are as follows:

• E5 RON92 gasoline: capped at 20,888 VND per liter
• E10 RON95-III gasoline: capped at 21,435 VND per liter
• Diesel 0.05S: capped at 25,768 VND per liter
• 180CST 3.5S mazut: capped at 15,562 VND per kilogram

Comparatively, the fuel prices in neighboring countries as of July 23, 2026, are as follows:

• Thailand: 27,380 VND per liter (government subsidized)
• Cambodia: 28,012 VND per liter (government subsidized)
• Laos: 46,512 VND per liter
• China: 30,168 VND per liter (government controlled)

Currently, Vietnam's fuel prices are lower than those of its neighboring countries, reflecting the impact of both domestic policies and international market dynamics.