Oil prices soar more than 3% amid geopolitical tensions Iran – IAEA
According to Reuters, in the trading session on July 2, world oil prices increased by more than 3% due to escalating geopolitical tensions, after Iran announced it would stop cooperating with the International Atomic Energy Agency (IAEA), the United Nations nuclear watchdog. At the same time, news of a trade agreement between Vietnam and the United States also contributed to the increase in oil prices.
Specifically, Brent oil price increased by 2 USD, equivalent to 3%, to 69.11 USD/barrel, while WTI oil increased by 2 USD, equivalent to 3.1%, to 67.45 USD/barrel.
The main reason for the increase in oil prices is the concern about the tension in the Middle East, when Iran passed a law requiring all future IAEA nuclear inspections to be approved by the Supreme National Security Council. Iran also accused the IAEA of being biased towards Western countries and justifying Israeli airstrikes.
However, the increase in gasoline prices was limited by data showing that U.S. crude inventories rose by 3.8 million barrels last week, contrary to forecasts for a decrease of 1.8 million barrels. In addition, gasoline demand in the U.S. also fell to 8.6 million barrels/day, the lowest level during the peak summer driving season.
On the supply side, OPEC+ - an alliance of oil exporting countries and partners such as Russia - is expected to continue increasing production by about 411,000 barrels per day in July, similar to previous months.
Analyst Giovanni Staunovo from UBS said this trend could continue into the summer, when hot weather increases electricity demand, thereby boosting oil consumption and positively affecting gasoline prices.
E5RON92 gasoline price decreased by 101 VND/liter, fuel oil decreased sharply by 668 VND/kg
Domestic retail gasoline prices as of July 3 are updated specifically as follows:
E5RON92 gasoline: Maximum 20,530 VND/liter.
RON95-III gasoline: Maximum 21,116 VND/liter.
Diesel 0.05S: Maximum 19,349 VND/liter.
Kerosene: Maximum 19,064 VND/liter.
Mazut oil 180CST 3.5S: Maximum 16,955 VND/kg.
This price was adjusted by the Ministry of Industry and Trade and the Ministry of Finance from 0:00 on July 1, after the 2% VAT reduction policy under Resolution No. 204 of the National Assembly officially took effect and lasted until the end of 2026. In the recent adjustment, the price of E5RON92 gasoline decreased by VND101/liter, RON95-III gasoline decreased by VND128/liter. In contrast, diesel increased by VND193/liter, kerosene increased by VND141/liter, and fuel oil decreased by VND668/kg compared to the previous price period.
In addition, the Ministry of Finance and the Ministry of Industry and Trade are expected to continue adjusting retail gasoline prices during the management period on the afternoon of July 3.
Source: https://baodanang.vn/gia-xang-dau-hom-nay-3-7-2025-e5ron92-giam-101-dong-lit-mazut-giam-manh-den-668-dong-kg-3264821.html
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