World oil prices today, August 7, increased due to supply concerns

World oil prices

In the world market, gasoline prices today, August 7, continued to rise from the previous session.

On August 6, world oil prices recovered after falling about 1% in the first session of the week, to the lowest level since January.

Data from Oilprice shows that at 9:43 p.m. on August 6 (Vietnam time), Brent oil price was listed at $76.76/barrel, up 0.6% from the previous session. WTI oil price was at $73.52/barrel, up 0.8% from the previous session.

Oil prices rose on concerns that escalating tensions in the Middle East threaten world oil supplies.

Iran and its allies Hamas and Hezbollah have vowed to retaliate against Israel for the assassination of Hamas' political leader and a senior Hezbollah military commander last week.

Meanwhile, US President Joe Biden has urgently convened his national security team to discuss developments in the Middle East.

In addition, strong growth in the US service sector (the world's largest oil consumer) also supported oil prices. US service sector activity recovered from a four-year low in July.

In addition, concerns about production cuts at the Sharara oil field, one of Libya's largest, also pushed oil prices higher. Production at the Sharara oil field has been cut by 300,000 barrels per day (equivalent to a 20% cut) due to the protests.

Domestic gasoline prices

In the domestic market, the selling price of gasoline and oil today, August 7, is applied according to the price level at the management session on the afternoon of August 1 of the Ministry of Finance - Industry and Trade.

Accordingly, the prices of gasoline and oil were adjusted downward by the Ministry of Industry and Trade and the Ministry of Finance.

Specifically, the price of E5 gasoline was adjusted down to 21,610 VND/liter. The price of RON 95 gasoline dropped to 22,600 VND/liter.

Similarly, diesel price decreased to 19,870 VND/liter. Kerosene price decreased to 20,090 VND/liter.

Retail price of gasoline today: