Oil and Gas Prices Today June 24: Oil Plunges Sharply, All Red
At 6:00 AM on June 24, according to Trading Economics and Oilprice, world oil prices opened the trading session with a sharp drop.
Specifically, WTI crude oil was sold at $73/barrel, down $0.8/barrel, equivalent to a decrease of about 1.13% compared to yesterday; Brent North Sea light sweet crude was sold at $76.8/barrel, down more than $1/barrel from yesterday, equivalent to a drop of over 1.36% compared to yesterday.
The average crude oil price in June as of June 24 compared to the previous month fell sharply by double digits, with WTI down nearly 22%, Brent down over 20%. Compared to the same period last year, oil prices of all types still increased by 13-14%, depending on the type.
Trading Economics noted that Brent crude fell to $77/barrel on Tuesday, the lowest in nearly three months, as traders closely followed progress in resolving the conflict with Iran.
After a temporary peace agreement reduced oil prices by 40% from their peak, a new 60-day US waiver now allows global buyers, including US refineries, to purchase Iranian crude and fuel. Although both countries noted progress in negotiations in Switzerland and agreed to establish four working groups to address nuclear issues and sanctions, disagreements remain.
Tehran rejected the US statement that nuclear inspectors must return immediately. Meanwhile, supply in the Persian Gulf is increasing, with Kuwait and the United Arab Emirates finding alternative shipping solutions and Iran exporting over 30 million barrels in the past week.
However, long-term market stability depends on prolonged negotiations over Iran's nuclear capabilities, a ceasefire between Israel and Hezbollah in Lebanon, and the safe reopening of the strategic Strait of Hormuz.
Oil and Gas Prices Today June 24: Domestic Oil and Gas Prices Set to Drop Sharply
Gasoline and oil prices are sold according to the adjusted prices of the Ministry of Industry and Trade - Ministry of Finance on the afternoon of June 18.
Accordingly, for the first time, E10 gasoline was added to the list of gasoline and oil prices managed by the state under Government Resolution No. 29/2026/NQ-CP, and all types of biofuel simultaneously dropped sharply.
Specifically, from 3:00 PM on June 18, the prices of petroleum products are as follows:
- E5 gasoline decreased by 1,206 VND/liter, with a maximum retail price of no more than 20,126 VND/liter, 627 VND/liter lower than E10RON95-III gasoline;
- E10RON95-III gasoline retail price listed by PVoil and Petrolimex at 20,750 VND/liter, down 1,310 VND/liter;
- Diesel oil 0.05S decreased by 2,343 VND/liter, with a retail price not exceeding 23,534 VND/liter;
- Mazut oil 180CST 3.5S decreased by 1,928 VND/kg, with a retail price not exceeding 16,680 VND/kg.
At this operating period, the Ministry of Finance - Ministry of Industry and Trade decided to allocate the Petroleum Price Stabilization Fund, including allocating the fund for biofuel types at 200 VND/liter, diesel at 800 VND/liter, and mazut at 650 VND/kg.
Thus, after three consecutive adjustments on June 4, 11, and 18, domestic gasoline and oil prices have dropped very sharply, recording decreases from 1,300 to 4,000 VND/liter, kg depending on the type.
According to the Ministry of Industry and Trade, the average world petroleum product prices between the price management period on June 11, 2026 and the management period on June 18, 2026 are: 107.926 USD/barrel for RON92 gasoline used to blend E5RON92 (down 8.470 USD/barrel, equivalent to a decrease of 7.28%); 110.912 USD/barrel for RON95 gasoline used to blend E10RON95-III; 121.620 USD/barrel for diesel oil 0.05S (down 17.958 USD/barrel, equivalent to a decrease of 12.87%); 524.206 USD/ton for mazut 180CST 3.5S (down 90.340 USD/ton, equivalent to a decrease of 14.70%).
Currently, the selling prices of petroleum products in neighboring countries of Vietnam as of June 18, 2026:
Regarding gasoline: Thailand: 33,236 VND/liter (government subsidy); Cambodia: 29,955 VND/liter (government subsidy); Laos: 36,228 VND/liter; China: 33,948 VND/liter (government price control); Vietnam: 20,753 VND/liter.
Regarding oil: Thailand: 31,376 VND/liter (government subsidy); Cambodia: 30,743 VND/liter; Laos: 30,048 VND/liter; China: 30,893 VND/liter (government price control); Vietnam: 23,534 VND/liter.
Thus, Vietnam's gasoline and oil prices are currently lower than those of neighboring countries sharing borders.
