On August 3, 2026, global oil prices saw a steep decline, with West Texas Intermediate (WTI) crude falling to $79.44 per barrel, a decrease of $5.23 or 6.18%. Similarly, Brent crude dropped to $83.54 per barrel, down $4.39 or 4.99%. This drop comes as a result of recent geopolitical events and market adjustments.

The decline in oil prices is largely attributed to U.S. President Donald Trump's announcement to postpone military action against Iran, which has led to renewed diplomatic negotiations. Additionally, the Organization of the Petroleum Exporting Countries (OPEC+) has decided to increase production starting in September, which has raised expectations for improved supply and contributed to the price drop.

In the previous week, the oil market was influenced by various factors, including a temporary easing of tensions between the U.S. and Iran, although there are signs of potential flare-ups. Iran has continued to target vessels in the Strait of Hormuz, and military conflicts in the Middle East, particularly involving U.S. and Saudi forces against Iran-backed groups in Iraq, are ongoing. Furthermore, the conflict between Russia and Ukraine continues to impact energy facilities and oil refineries.

The fluctuations in global oil prices have also affected domestic fuel prices in Vietnam. As of August 3, the retail prices for common fuel products are as follows:

• E5 RON92: capped at 22,388 VND per liter
• E10 RON95-III: capped at 22,859 VND per liter
• Diesel 0.05S: capped at 27,624 VND per liter
• Mazut 180CST 3.5S: capped at 16,478 VND per kilogram

Compared to neighboring countries, Vietnam's fuel prices remain relatively low. For instance, in Thailand, the price is 28,750 VND per liter (government-subsidized), while in Laos, it is 47,388 VND per liter. The price of diesel in Vietnam is also lower than in Cambodia and Laos, reflecting the country's competitive positioning in the regional market.

As the global oil market continues to fluctuate, the upcoming adjustments in Vietnam's fuel prices will depend on international trends and local demand.