World oil prices increased by 3% after Iran's move to suspend cooperation with the International Atomic Energy Agency (IAEA) and positive signals from the trade agreement between Vietnam and the United States.
World oil prices
According to Reuters, world oil prices increased by more than 3% in the trading session on July 2, amid rising geopolitical tensions after Iran announced the suspension of cooperation with the International Atomic Energy Agency (IAEA) - the United Nations nuclear watchdog. In addition, information about 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, WTI oil price increased by 2 USD, equivalent to 3.1%, to 67.45 USD/barrel.
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World oil prices increased by more than 3% in the trading session on July 2, after Iran announced the suspension of cooperation with the International Atomic Energy Agency (IAEA). Illustration photo: Energy Now |
The rise in oil prices was largely driven by concerns about escalating tensions in the Middle East, after Iran passed a law requiring future IAEA nuclear inspections to be approved by its Supreme National Security Council. Iranian officials accused the IAEA of siding with Western countries and providing justification for Israeli airstrikes.
Iran's actions increase geopolitical risks, although there have been no actual disruptions to oil supplies, said analyst Giovanni Staunovo from UBS Bank.
Another factor supporting market sentiment is the news that Vietnam and the United States have reached a bilateral trade agreement. According to official announcements from both sides, after a phone call between General Secretary To Lam and US President Donald Trump, the two countries have reached a bilateral trade agreement, which includes applying a 20% tax rate on all Vietnamese goods entering the US.
According to energy consultancy Ritterbusch and Associates, the tariff deal has somewhat reinforced positive sentiment and boosted risk appetite in global energy markets.
However, oil prices were also limited by data showing that US crude inventories rose by 3.8 million barrels last week, contrary to analysts' forecasts for a decrease of 1.8 million barrels. At the same time, gasoline demand in the US also fell to 8.6 million barrels/day - a low level during the peak summer driving season.
Consumption below 9 million barrels per day is not a positive sign, especially at a time when demand tends to increase sharply, said Bob Yawger, director of energy at Mizuho.
On the supply side, OPEC+ - an alliance between the Organization of the Petroleum Exporting Countries and partners such as Russia - is expected to continue its plan to increase production in July with an increase of about 411,000 barrels/day, similar to previous months.
Data from Kpler also showed that Saudi Arabia increased exports by 450,000 barrels per day in June, the highest increase in more than a year. However, total OPEC+ exports have remained stable or slightly down since March.
This trend could continue in the summer, when hot weather increases electricity demand, thereby positively affecting oil consumption, said Giovanni Staunovo, an analyst at UBS.
In addition, the market is also closely watching the monthly US employment report. This report is considered an important factor, shaping expectations about the possibility and timing of the US Federal Reserve (Fed) to cut interest rates in the second half of the year. If interest rates decrease, economic growth can be boosted, thereby increasing energy consumption demand.
Domestic gasoline prices
Domestic retail prices of gasoline on July 3, specifically as follows:
| E5RON92 gasoline: No higher than VND 20,530/liter. RON95-III gasoline: No higher than VND 21,116/liter. Diesel 0.05S: Not higher than 19,349 VND/liter. Kerosene: Not higher than 19,064 VND/liter Mazut oil 180CST 3.5S: Not higher than 16,955 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Industry and Trade - Ministry of Finance from 0:00 on July 1, when the policy of reducing VAT by 2% until the end of 2026 according to Resolution No. 204 of the National Assembly officially took effect. In this adjustment, the price of E5RON92 gasoline decreased by VND101/liter, RON95-III gasoline decreased by VND128/liter. Meanwhile, the price of diesel increased by VND193/liter; kerosene increased by VND141/liter; and mazut oil alone decreased by VND668/kg compared to the previous period.
Along with that, the above domestic retail price of gasoline will be adjusted by the Ministry of Finance - Industry and Trade in the price management session this afternoon (July 3).
HOANG TRUONG
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Source: https://baolamdong.vn/gia-xang-dau-hom-nay-3-7-gia-dau-the-gioi-tiep-tuc-tang-manh-380893.html
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