Gasoline prices today June 14: Soaring due to escalating Israel-Iran conflict
Oil prices today June 14, 2025: Crude oil prices increased sharply due to escalating tensions between Iran and Israel, two countries that have a great influence on the global energy market.
Oil prices today
As of 2:00 p.m. this morning (Vietnam time), Brent oil price reached 74.23 USD/barrel, while WTI oil recorded 71.61 USD/barrel. Compared to the previous session, Brent increased by 7.02%, WTI increased by 4.03%.
In the session on June 13, Brent price jumped to 78.50 USD/barrel, the highest level since January 27; WTI reached 77.62 USD/barrel, the highest level since January 21. For the whole week, Brent price increased by 12.5%, while WTI increased by 13%.
The sharp rise in oil prices was largely driven by concerns about potential supply disruptions after Israel confirmed it had attacked Iran on June 13, targeting its nuclear infrastructure, ballistic missiles and military capabilities. Iran, OPEC’s third-largest oil producer (3.3 million barrels per day), said it would retaliate. While Iran’s oil facilities have not been affected, experts say the situation could escalate.
Petroleum Securities (PSI) commented: Events related to major oil-producing countries like Iran often cause strong market reactions, similar to the Iraq-Kuwait War in 1990 or the attack on the Abqaiq oil plant (Saudi Arabia) in 2019, when global production decreased by 6%.
PSI warned that if a worse scenario were to occur – such as a blockade of the Strait of Hormuz – oil prices could exceed $100 a barrel. This is a vital shipping route that carries 20% of global crude oil demand and 25% of global LNG demand. A blockade, even short-term, would halt most of the oil exports of Saudi Arabia, Iraq, the UAE, and Kuwait. Meanwhile, the alternative pipeline system can only handle about 6.5 million barrels a day, leaving more than 10 million barrels at risk of disruption.
According to Bloomberg, if the Strait of Hormuz is disrupted, oil prices could exceed $100/barrel, LNG prices would increase by at least 35%, and crude oil and refined product shipping costs would also increase significantly depending on the level of escalation.
Meanwhile, the number of drilling rigs in the US continued to decline for the seventh consecutive week. Last week, the US reduced by 3 more oil rigs, to 439, the lowest level since October 2021; gas rigs decreased by 1, to 113. This shows that the ability to increase production from the US is not enough to offset the risk of shortage if the supply in the Gulf is interrupted.
Domestic gasoline prices
Although world crude oil prices are skyrocketing due to Israel-Iran tensions, domestic gasoline prices on June 14, 2025, remained stable after the most recent adjustment on June 12.
At the adjustment period on June 12, the Ministry of Industry and Trade - Ministry of Finance decided not to set aside and not to use the Price Stabilization Fund for all products, including: E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene and mazut oil.
Domestic retail gasoline prices today are as follows:
E5 RON92 gasoline: no higher than 19,462 VND/liter, about 505 VND/liter lower than RON95
RON95-III gasoline: no higher than VND 19,967/liter
Diesel 0.05S: not higher than 17,700 VND/liter
Kerosene: not higher than 17,511 VND/liter
Mazut oil 180CST 3.5S: not higher than 16,461 VND/kg