Surge Alert: Weekly Numbers Skyrocket by 4% – What’s Behind the Sudden Spike
- Oil prices surged over 2% at the end of the last trading session of the week (October 25).
- Brent oil price increased by 1.67 USD, equivalent to 2.25%, to 76.05 USD/barrel.
- For the whole week, Brent oil prices increased by 4%, WTI oil prices increased by 3.7%.
World Gasoline Prices See Weekly Increase Amid Global Uncertainty
World Oil Prices
Oil prices surged over 2% at the end of the last trading session of the week (October 25).
- Brent oil price increased by 1.67 USD, equivalent to 2.25%, to 76.05 USD/barrel.
- WTI oil price increased by 1.59 USD, equivalent to 2.27%, to 71.78 USD/barrel.
For the whole week, Brent oil prices increased by 4%, WTI oil prices increased by 3.7%.
Market Analysis
Phil Flynn, senior analyst at Price Futures Group, commented: “It seems like the market is in a wait-and-see mode until some questions about Israel, the conflict, and the election are answered.”
According to Flynn, the election is creating uncertainty in many markets, causing many people to become cautious and not ready to make big commitments because they are worried about the possibility of volatility.
Investors around the world are flocking to the dollar, betting on increased volatility ahead of the official US presidential election on November 5, as well as the election in Japan, which will determine US interest rates.
Geopolitical Tensions
According to Tim Snyder, chief economist at Matador Economics, geopolitics is the key driver for the market.
The situation in the Middle East is still “tight as a string”. Israel continues to airstrikes on Lebanon, even on a border crossing with Syria.
US Secretary of State Antony Blinken said it was urgent to find a diplomatic solution to end the conflict between Israel and Hezbollah in Lebanon, and called for the protection of civilians.
Domestic Gasoline Prices
Domestic retail gasoline prices on October 26 are as follows:
- E5 RON 92 gasoline costs no more than 19,692 VND/liter.
- RON 95-III gasoline costs no more than 20,894 VND/liter.
- Diesel oil does not cost more than 18,057 VND/liter.
- Kerosene costs no more than 18,570 VND/liter.
- Fuel oil does not cost more than 16,229 VND/kg.
The above domestic retail price of gasoline and oil has been adjusted by the Ministry of Finance and Industry and Trade in the afternoon of October 24.
The price of E5 RON 92 gasoline decreased by 38 VND/liter, RON 95-III gasoline decreased by 68 VND/liter, diesel decreased by 264 VND/liter, kerosene decreased by 57 VND/liter. Only fuel oil increased by 139 VND/kg.