Global oil prices rose sharply on October 24: Brent climbed to $116.72 a barrel, while E5 and E10 gasoline became cheaper in Vietnam.
Oil prices rose on the morning of October 24. Brent futures settled at $116.72 a barrel, up $3.55, or 3.14%. It was the highest closing level in nearly six months. US WTI closed at $103.27 a barrel, up $3.8, or 3.8%.
For the week, Brent rose 6%, while WTI gained 2.3%.
Houthi attacks on Saudi Arabia increased concerns about possible disruptions to energy supplies from the Middle East. Reuters reported that Saudi Aramco asked employees to evacuate its headquarters in Dhahran, a city near the Persian Gulf and Bahrain.
An oil spill from a tanker was also reported off the coast north of Dubai. Attacks on ships have increased in waters near the Strait of Hormuz in recent weeks. Analysts said the market was concerned about repeated Iranian attacks on oil tankers, which became more frequent over the past week.
As a result, the market remains concerned about supply disruptions even though the volume of oil transported through the Strait of Hormuz has increased.
The US Department of Energy approved an emergency exchange allowing up to 400,000 barrels of crude oil to be released from the Strategic Petroleum Reserve. The measure is intended to address a supply disruption affecting the Lake Charles refinery. SPR stocks have fallen to their lowest level since 1982.
In Vietnam, the prices set at 3 p.m. on October 22 remain in effect on October 24. E5 RON92 and E10 RON95-III gasoline fell sharply, while some oil products rose slightly. The maximum retail price is 25,361 dong per liter for E5 RON92, 25,213 dong per liter for E10 RON95-III, and 29,550 dong per liter for diesel.
These are the maximum prices set under the regulations. The actual price at some stations may be lower because of discounts and promotional offers from some wholesalers.
Sources: Thanh Niên
