On August 2, 2026, global oil prices showed a notable decrease, with West Texas Intermediate (WTI) crude oil dropping from $85.15 per barrel to $84.67, reflecting a decline of approximately 0.56%. Similarly, Brent crude fell from $96.78 to $90.12, marking a significant drop of about 6.88% over the week.

This downward trend in oil prices can be attributed to various factors, including geopolitical tensions in the Middle East. Early in the week, prices fell sharply to their lowest levels in over a week after the United States paused airstrikes against Iran, raising hopes for a diplomatic resolution that could restore oil transport through the Strait of Hormuz. However, the decline was not sustained, as supply risks remained prevalent. The flow of vessels through the Strait of Hormuz continued to be low, while Houthi attacks in the Red Sea disrupted maritime operations.

Additionally, safety concerns in the Bab el-Mandeb Strait, a crucial shipping lane connecting the Red Sea to the Gulf of Aden, have escalated, threatening Saudi Arabia’s oil exports and international trade flows. On the other hand, OPEC+ is expected to pause its production increase plans for three months starting October 2026, which could provide some support to oil prices.

In Vietnam, retail oil prices have been adjusted according to the latest pricing schedule from Petrolimex, effective from 3:00 PM on July 30. As of August 2, the retail prices are as follows:

• Diesel 0.05S - II: 50 VND/liter
• E10 RON 95-III: 200 VND/liter

Forecasts for the next pricing period suggest a slight increase in retail oil prices, with E10 expected to rise by 0-50 VND/liter, E5 RON 92 - II by approximately 100 VND/liter, and Diesel by around 300 VND/liter.

It is important to note that today's oil prices are for reference only and may change based on market developments.