Tensions in the Middle East push oil prices up

Specifically, Brent oil price increased by 0.74% to 83.22 USD/barrel. US WTI oil price increased by 1.49% to 79.19 USD/barrel.

Brent crude oil prices are trading at — Brent oil price is trading at 83.22 USD/barrel. Photo: screenshot

For the week, Brent crude rose more than 1% and WTI crude gained about 3%. Both oil benchmarks recorded a second week of gains after a strong week of nearly 6% in the previous week.

Oil prices have maintained their upward momentum, supported by the growing risk of conflict in the Middle East.

On February 15, Hezbollah said it fired dozens of rockets at a town in northern Israel in response to Israeli attacks that killed 10 civilians in southern Lebanon.

Meanwhile, Gaza's largest hospital is under siege in the conflict between Israel and Hamas, as Israeli forces deploy warplanes in Rafah, the last Palestinian refuge in the enclave.

Meanwhile, threats remain in the Red Sea after a missile fired from Yemen hit an oil tanker carrying crude oil to India.

Limiting the rise in oil prices was a report by the International Energy Agency (IEA) saying that global oil demand is losing momentum, forcing the IEA to cut its 2024 growth forecast from 1.24 million barrels per day to 1.22 million barrels per day.

On the US side, the country's producer price index (PPI) rose 0.3% in January, higher than expected amid a sharp rise in service costs. This could raise concerns about inflation. However, falling retail sales have fueled hopes that the Fed will soon start cutting interest rates, which could support oil demand.

The retail prices of domestic gasoline on February 17 are as follows: E5 RON 92 gasoline is not more than VND 22,831/liter; RON 95-III gasoline is not more than VND 23,919/liter; diesel oil is not more than VND 21,361/liter; kerosene is not more than VND 21,221/liter; mazut oil is not more than VND 15,906/kg.

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