Oil prices today August 20, 2025: World oil prices fall due to expectations of Russia - Ukraine negotiations

World oil prices

Global oil prices saw a significant drop as traders bet on the possibility of a peace deal between Russia and Ukraine that would ease sanctions on Russian crude, helping to increase global supplies.

Brent crude futures closed at $65.79 a barrel, down 81 cents, or 1.22%. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for September delivery, which expire on Wednesday, ended at $62.35 a barrel, down $1.07, or 1.69%.

After meeting at the White House on Monday with Ukrainian President Volodymyr Zelenskiy and European allies, US President Donald Trump announced on social media that he had spoken with Russian President Vladimir Putin. Trump said he was arranging a meeting between Putin and Zelenskiy, with the possibility of a three-way summit between the three leaders.

President Zelenskiy described his talks with Trump as “very good” and mentioned discussions about the possibility of the US providing security guarantees to Ukraine. While Trump confirmed the US would provide support, the extent of the commitment remains unclear.

Chinese refiners have booked 15 cargoes of Russian oil for delivery in October and November, two analysts and a trader said, amid a sharp drop in Indian demand for Moscow’s exports. The move comes as secondary sanctions on Russian oil importers have been eased, reducing the risk of disruptions to global supplies.

Oil Price Forecast: Downtrend Continues?

Analysts from DBS Bank, led by Suvro Sarkar, said the US's easing of secondary sanctions pressure has helped ease geopolitical tensions, creating conditions for oil prices to fall.

Meanwhile, Bart Melek, head of commodity strategy at TD Securities, forecasts that oil prices could continue to decline to an average of $58 per barrel in the fourth quarter of 2025 and the first quarter of 2026, if tensions continue to ease and sanctions are lifted.

However, Phil Flynn, senior analyst at Price Futures Group, warned that the market is at a record short position, and if a ceasefire is not reached, oil prices could rebound.

President Trump is pushing to end what is considered Europe’s deadliest war in 80 years. But Kyiv and its allies are concerned that the US could press for a deal that favors Russia. The outcome of the upcoming talks will determine whether oil prices continue their downward trend or reverse sharply higher.

Gasoline prices today

During the operating period on August 14, the price of E5 RON92 gasoline decreased by VND254/liter, not higher than VND19,354/liter. The price of RON95 gasoline decreased by VND190/liter, not higher than VND19,884/liter.

Prices of all types of oil also decreased simultaneously: Diesel oil decreased by 723 VND/liter, not higher than 18,077 VND/liter. Kerosene price decreased by 640 VND/liter, not higher than 18,020 VND/liter and fuel oil price decreased by 379 VND/kg, not higher than 15,268 VND/kg.

In this operating period, the management agency continues to not set aside or spend the gasoline price stabilization fund.

This is the second time the price of E10 gasoline has been adjusted since it was first sold in Ho Chi Minh City, Hanoi and Hai Phong on August 1. There was one increase and one decrease. When it was first sold, the price of E10 gasoline was VND19,600/liter in zone 1 and VND19,990/liter in zone 2. By the time of the adjustment on August 7, the price of E10 gasoline was VND19,830/liter in zone 1 and VND20,220/liter in zone 2.

Since the beginning of the year, domestic gasoline prices have gone through 32 adjustment sessions, of which 13 decreased, 14 increased and 5 were mixed.