Oil prices today 8/8/2025: Oil prices plummet before Trump - Putin meeting
Oil prices today August 8, 2025: World oil prices fell for the 6th consecutive session when news appeared that the US and Russian presidents were about to meet, raising expectations of an end to the war in Ukraine.
World oil prices
Oil prices fell for a sixth straight session as the Kremlin confirmed that Russian President Vladimir Putin will meet with US President Donald Trump in the coming days, raising hopes that a diplomatic solution to the protracted war in Ukraine could be near.
Brent futures fell 46 cents, or 0.7%, to $66.43 a barrel on Thursday. U.S. West Texas Intermediate (WTI) crude fell 47 cents to $63.88 a barrel.
This is the sixth consecutive session of decline for both oils, with a drop of more than 9% in just one week, marking an eight-week low.
Oil prices fell 1% a day earlier after Mr Trump said there was “progress” in talks with Moscow.
Russian presidential aide Yuri Ushakov confirmed that the meeting between Trump and Putin will take place in the coming days. If it goes ahead as planned, it will be the first summit between the two leaders since 2021.
A White House official also said the meeting could take place as early as next week.
The market reacted strongly to expectations that the meeting could lead to a peaceful solution to the war in Ukraine, thereby easing geopolitical tensions on the energy market.
Despite rising hopes for reconciliation, the US continues to prepare to impose secondary sanctions on major countries and companies that buy oil from Russia, in an effort to pressure Moscow to end the fighting.
On Wednesday, Mr. Trump also signed an executive order imposing an additional 25% tariff on goods imported from India, citing the country’s continued purchase of cheap oil from Russia. The tariff will take effect on August 28.
India is now the world’s second-largest buyer of Russian oil, after China. Mr Trump has also left open the possibility of imposing additional tariffs on Chinese goods.
The OPEC+ group, which includes Russia, announced that it would increase oil production by 547,000 barrels per day in September. This is another factor that puts pressure on oil prices, as supply expands amid uncertain global demand trends.
Analysts from Ritterbusch & Associates said that increased OPEC production and uncertainty from tariffs were the two main factors causing the oil price drop.
However, oil prices did not fall further thanks to a number of positive factors:
US crude inventories fell 3 million barrels, much more than the 591,000 barrel drop forecast in a Reuters survey.
China – the world’s second-largest oil consumer – imported 11.5% more oil in July than a year earlier, although it fell from June.
Saudi Arabia raised its September crude oil selling prices to Asia, reflecting steady demand and tight supplies in the region.
All eyes are now on the upcoming Trump-Putin meeting, in hopes that it will produce a real diplomatic breakthrough. However, the combination of rising supply, continued sanctions and trade policy uncertainty still makes the oil market unpredictable.
Domestic gasoline prices
Domestic retail prices of gasoline on August 8, specifically as follows:
- E5RON92 gasoline: No higher than 19,608 VND/liter
- RON95-III gasoline: No higher than VND 20,074/liter
- Diesel 0.05S: Not higher than 18,800 VND/liter
- Kerosene: Not higher than 18,660 VND/liter
- Mazut oil 180CST 3.5S: Not higher than 15,647 VND/kg
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Industry and Trade and the Ministry of Finance from the afternoon of August 7.
