On October 9, oil prices experienced a notable decline after a significant increase on October 8. During the previous trading session, Brent crude oil rose by $4.08, or 4.1%, while WTI crude oil increased by $3.21, or 3.6%. At one point, both types of oil had surged by over $5 per barrel.

However, as of 9:19 AM (Vietnam time) on October 9, WTI crude was priced at $90.97 per barrel, a decrease of $0.52, or 0.57%. Similarly, Brent crude was at $103.54 per barrel, down $0.74, or 0.71%. The fluctuations in oil prices are largely attributed to rising tensions in the Middle East, which have heightened concerns over potential supply disruptions.

Additionally, Hurricane Isaias is expected to make landfall on October 9, threatening oil extraction activities in the Gulf of Mexico. Market participants are particularly anxious about the possibility of U.S. military actions against Iran, as the situation surrounding the reopening of the Strait of Hormuz remains uncertain.

Iran has indicated that it is considering the U.S. response regarding the proposal to reopen the Strait of Hormuz within seven days and is expected to provide an answer shortly. However, the outlook for easing tensions remains precarious. Reports from international media, cited by TASS, have indicated that the White House has asked the U.S. Department of Defense to prepare strike options against Iran, potentially to be executed before the U.S. midterm elections on November 3.

The risk of military conflict continues to exert significant pressure on the oil market. Should the U.S. resume airstrikes against Iran, oil prices may experience further volatility, exacerbating inflationary pressures in the U.S. just ahead of the midterm elections.

In Vietnam, as of October 9, retail oil prices have been adjusted according to the pricing table released by Petrolimex. The retail prices for various fuel types have been set following the adjustments made by the Ministry of Industry and Trade and the Ministry of Finance as of 3 PM on October 8.

Forecasts for the next pricing period suggest that retail fuel prices may increase, with projections indicating a rise of approximately 200 VND per liter for E10 gasoline, 300 VND for E5 RON 92, and 900 VND for diesel.

These oil prices are subject to change based on market developments.