President Trump imposes 10% tax on all imports, Vietnam bears 46%
03-04-2025
Updated oil prices on the morning of April 1, 2025, WTI oil prices increased by 2.45% to 71.05 USD/barrel, Brent increased by 1.43% to 74.68 USD/barrel, according to Oilprice.
World oil prices increased due to a series of tariff threats from Mr. Trump
Experts said that the main reason for the increase in oil prices was concerns about the possibility of disruption to global supply if former US President Donald Trump implemented secondary tariff measures against countries importing oil from Russia and Iran. In the context of the war in Ukraine showing no signs of cooling down, Mr. Trump’s tough statements made investors cautious and pushed oil prices up.
Brent crude for immediate delivery rose $1.05 to $74.68 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.70 to $71.05 a barrel, its highest since late February.
In addition, the U.S. government’s threat to revoke Spain’s Repsol’s oil export license from Venezuela also added to supply concerns. Negotiations to export oil via pipeline from Iraq’s Kurdistan region to Türkiye are also stalled, limiting crude supplies in the short term.
China and Europe support crude oil markets
On the positive side, manufacturing activity in China – the world’s second-largest oil consumer – grew at its fastest pace in a year, thanks to a surge in new orders. At the same time, data showed that inflation in Germany – Europe’s largest economy – is falling faster than expected, paving the way for the European Central Bank (ECB) to continue cutting interest rates. Low interest rates will support growth and lead to a recovery in energy demand.
However, many experts warn that the market still has many unpredictable variables, especially if the US actually imposes tariffs on countries buying oil from Russia and Iran. If this happens, this could cause a new trade war, with consequences for global economic growth.
Domestic gasoline prices remain unchanged today
In the domestic market, retail gasoline prices today, April 1, 2025, remain unchanged according to the adjustment period from 3:00 p.m. on March 27 by the Ministry of Finance – Ministry of Industry and Trade. Specifically, E5 RON 92 gasoline is sold at VND20,032/liter, an increase of VND337/liter compared to the previous adjustment period; RON 95 gasoline is priced at VND20,424/liter, also an increase of VND337/liter.
In the oil group, diesel 0.05S increased by VND324/liter, to VND18,217/liter; kerosene increased by VND406/liter, to VND18,524/liter. In particular, mazut 180CST 3.5S decreased slightly by VND53/kg, down to VND16,902/kg.
In this adjustment period, the management agency continued not to make provisions or use the Petroleum Price Stabilization Fund for all products. This shows the orientation of keeping prices stable in the context of strong fluctuations from the world market.
