Oil and gas prices today (June 13): Brent oil price lowest since March
World oil prices fell in Friday's trading session as traders expect a peace deal between the US and Iran.
Brent oil prices fell to their lowest since early March as traders grew increasingly confident that the US and Iran are close to reaching a peace agreement. According to Reuters, at the close of trading on June 12, Brent crude fell $3.05, or 3.37%, to $87.33 per barrel.
Meanwhile, WTI crude closed at $84.88 per barrel, down $2.83, or 3.23%. This is also the lowest level for WTI since April 17.
Mr. John Kilduff, partner at Again Capital, said: “The factor pushing oil prices down is Iran’s announcement that it has a memorandum of understanding with the US.”
A Western source told Reuters on Friday that a memorandum between the US and Iran to end the conflict in the Gulf could be signed as early as Sunday, with Geneva being the most likely location.
However, Iranian Foreign Minister Abbas Araghchi said on Friday that the memorandum has not yet been signed and its contents could still change.
World oil prices fell in Friday's trading session. Illustration photo: Bizz Buzz
Earlier, US President Donald Trump canceled plans for airstrikes on Iran on Thursday. Pakistani Prime Minister Shehbaz Sharif said the final text of the peace agreement between the US and Iran had been agreed upon by both sides.
Meanwhile, semi-official Mehr news agency quoted sources close to Iran's negotiating team as saying that the draft memorandum with the US set a 60-day negotiation deadline to reach an agreement on Tehran's nuclear program as well as the complete lifting of Washington's primary and secondary sanctions.
Mr. Tamas Varga, analyst at PVM Oil Associates, commented: “The new information once again dominates the market, as confidence grows that the US and Iran will eventually reach a deal and the Strait of Hormuz will be reopened.”
Illustration photo: Reuters
However, Mr. Tamas Varga also noted that global oil inventories remain low and could continue to decline. Even if a deal is reached, the market will need time to fully restore uninterrupted oil flows.
OPEC believes oil consumption demand will recover in the coming period. The organization forecasts global oil demand in 2027 will increase by 1.73 million barrels per day, 190,000 barrels per day higher than previous forecasts.
Domestic gasoline and oil prices
Retail gasoline and oil prices domestically on June 13 are as follows:
[Image: price table]
According to adjustments by the Ministry of Industry and Trade and Ministry of Finance, from 3:00 PM on June 11, E5RON92 gasoline decreased by 452 VND/liter; E10 RON95-III gasoline decreased by 270 VND/liter; 0.05S diesel decreased by 989 VND/liter; 180 CST 3.5S fuel oil decreased by 1,037 VND/kg.
From June 1, the switch to using E10 bio-gasoline has been implemented nationwide as scheduled. In addition, E5 RON92 gasoline continues to be produced and supplied until 2030.
According to the Ministry of Industry and Trade, the world oil market in this management period was mainly affected by factors such as: prolonged developments in the negotiations to end the conflict between the US and Iran; increased tensions in the Middle East as the US and Iran continued to attack each other, Iran and Israel attacked each other but later announced an end; the ongoing military conflict between Russia and Ukraine... These factors caused world oil product prices to rise and fall depending on the item.
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