Today's gasoline prices, August 7, Brent and WTI oil prices both decreased slightly, although both commodities increased slightly in the trading session on August 6. (Source: Getty)

Oil prices edged up slightly as investor attention turned to supply shortages and financial markets recovered from recent declines.

Brent crude rose 18 cents, or 0.2%, to $76.48 a barrel. U.S. West Texas Intermediate (WTI) crude rose 26 cents, or 0.4%, to $73.20 a barrel.

Iran's vow to retaliate against Israel and the United States after the killing of two Hamas and Hezbollah leaders last week raised concerns about a broader conflict in the Middle East that could directly affect supplies from the region, Reuters reported.

Lower output at Libya’s 300,000-barrel-per-day Sharara oilfield also added to concerns about supply shortages. Libya’s National Oil Corporation said it would begin gradually reducing output at the field due to protests.

Recent declines in crude and fuel inventories at major trading hubs are also supporting oil prices.

"Oil fundamentals still point to a supply-short oil market, with inventories still falling," said UBS analyst Giovanni Staunovo.

Gasoline demand in the US could reach more than 9 million barrels per day last week, boosting confidence in the economy, according to Mr. Staunovo.

Global oil inventories fell by about 400,000 barrels per day in the first half of the year, according to estimates from the US Energy Information Administration (EIA). The agency forecasts inventories will fall by about 800,000 barrels per day in the second half of the year.

The agency lowered its forecast for average oil prices for this year and next, citing recent price declines due to economic concerns. The EIA still expects higher oil prices in the coming months. The EIA sees Brent crude oil spot prices ranging from $85 to $90 a barrel by the end of the year.

Domestic retail prices of gasoline on August 7 are as follows:

The above domestic retail price of gasoline and oil was adjusted by the Ministry of Finance - Industry and Trade at the price management session on the afternoon of August 1.

Diesel oil price decreased the most, 316 VND/liter. Mazut oil price decreased 292 VND/kg, E5 RON 92 gasoline decreased 284 VND/liter, RON 95-III gasoline decreased 281 VND/liter. Kerosene decreased the least, 231 VND/liter.

This is the fourth consecutive reduction in domestic gasoline prices.