Oil prices rose to a two-week high on Friday, supported by sanctions that raised concerns about Russian and Iranian oil supplies and rising tensions in the Middle East.
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| Oil prices today, February 12. At the end of trading on February 11, oil prices rose to a two-week high, supported by sanctions. (Source: Oilprice) |
Brent crude rose $1.13, or 1.5%, to $77 a barrel. WTI crude rose $1, or 1.4%, to $73.32 a barrel.
Both oil benchmarks rose for a third straight day and hit their highest closes since Jan. 28.
PVM oil analyst John Evans commented that the US is restricting Iran's exports and sanctions are still affecting Russian crude oil supply, which is supporting oil prices to maintain the upward momentum from the first trading session of the week.
US sanctions targeting tankers, producers and insurers have significantly disrupted shipments of Russian oil to top importers China and India.
Another factor supporting oil prices is US sanctions on Iran's oil shipping networks, after US President Donald Trump restored "maximum pressure" on Iran's oil exports last week.
Adding to supply concerns is the possibility of new fighting in the Middle East.
According to Reuters , Israeli Prime Minister Benjamin Netanyahu said that if Hamas does not release the Israeli hostages by noon on February 15, the fragile ceasefire in Gaza will end.
The comments came after Donald Trump demanded that Hamas release all hostages by noon on February 15 or he would propose canceling the ceasefire between Israel and Hamas. Donald Trump also said he could cut off aid to Jordan and Egypt if they do not take in Palestinian refugees being evacuated from Gaza.
Limiting oil prices' gains were concerns that a 25% tariff on steel and aluminum imports into the US could dampen global growth and energy demand.
Mexico, Canada and the European Union have opposed Mr Trump's decision to impose tariffs on all steel and aluminium imports next month, a move that has raised fears of a trade war.
Tariffs and retaliatory tariffs are likely to weigh on the global economy, creating demand uncertainty, Morgan Stanley said.
Regarding US oil inventories, according to the American Petroleum Institute, last week, US oil inventories continued to increase sharply to 9.043 million barrels.
In contrast, gasoline and distillate inventories fell by 2.507 million barrels and 590,000 barrels, respectively.
Domestic retail prices of gasoline on February 12 are as follows:
E5 RON 92 gasoline is not more than 20,442 VND/liter. RON 95-III gasoline is not more than 20,928 VND/liter. Diesel oil not more than 19,054 VND/liter. Kerosene not more than 19,414 VND/liter. Fuel oil not exceeding 17,354 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of February 6. While the price of E5 RON 92 gasoline increased by 51 VND/liter, the price of RON 95-III gasoline decreased by 74 VND/liter, diesel oil decreased by 192 VND/liter, kerosene decreased by 25 VND/liter, and fuel oil decreased by 148 VND/kg.
In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-122-vot-tang-cao-nhat-trong-2-tuan-304005.html
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