World oil prices surged by more than 2% due to geopolitical tensions.
Brent and WTI crude oil prices ended the trading session up over 2% following events in Venezuela and the Black Sea. Meanwhile, the domestic market saw a downward adjustment in gasoline and diesel prices.
World oil prices have risen sharply.
According to data from Reuters, world crude oil prices recorded a significant increase at the close of trading on December 22nd. Specifically, Brent crude oil prices rose.$1.60 per barrel, equivalent to 2.7%, to the level$62.07 per barrelSimilarly, the price of US WTI crude oil also increased.$1.49 per barrel, equivalent to 2.6%, reached the milestone.$58.01 per barrel.
The cause stems from geopolitical tensions.
The rise in oil prices was driven by concerns about supply disruptions due to escalating tensions in several regions. In the Caribbean, the US Coast Guard pursued an oil tanker believed to be on sanctions list, raising concerns about risks to Venezuela's oil exports.
According to UBS analyst Giovanni Staunovo, investors are reassessing the risk of supply disruptions from Venezuela due to US sanctions, a factor that may have previously been overlooked. Crude oil from the South American country accounts for about 1% of global supply.
In addition, Ukrainian drone attacks on Russian ships and port infrastructure in the Black Sea are also a significant factor. Energy consulting firm Ritterbusch and Associates notes that these events increase geopolitical risks, directly impacting prices. The Black Sea region plays a crucial role in Russia's energy exports.
"We anticipate further price corrections this week due to reduced trading volumes during the holiday period and the ongoing stalemate between deteriorating oil industry fundamentals and geopolitical risks," Ritterbusch and Associates said in a report.
Domestic fuel prices have been adjusted downwards.
Contrary to global market trends, domestic retail gasoline and diesel prices were adjusted downwards in the most recent price adjustment (3 PM on December 18th) by the Ministry of Industry and Trade - Ministry of Finance. The new prices, effective from December 18th, are as follows:
| Item | Reduction | Maximum retail price |
|---|---|---|
| E5RON92 gasoline | 376 VND/liter | 19,239 VND/liter |
| RON95-III gasoline | 462 VND/liter | 19,620 VND/liter |
| Diesel fuel 0.05S | 678 VND/liter | 17,476 VND/liter |
| Oil | 704 VND/liter | 17,937 VND/liter |
| Fuel oil 180CST 3.5S | 233 VND/kg | 13,160 VND/kg |
During this price adjustment period, the regulatory agency did not make any contributions to or use of the Price Stabilization Fund for any petroleum products.
Since the beginning of 2025, domestic gasoline prices have undergone 48 adjustments, including 22 decreases, 20 increases, and 6 adjustments in the opposite direction.
