The situation in the Middle East continues to cast a shadow over oil prices.

Over five trading sessions, oil prices fell in four but surged in one. In the first two sessions, oil prices plummeted as some Israeli officials indicated a desire to avoid drawing the Middle East into a full-scale war, and demand from China was weak.

However, the assassination of the Hamas political leader while he was a guest of honor in Iran has heightened the risk of a full-scale war in the Middle East. In addition, US oil inventories continue to decline. These two factors are the main drivers behind the sharp rise in oil prices on Tuesday, with Brent crude up nearly 3% and WTI crude up more than 4%.

The upward trend in oil prices was quickly interrupted in Wednesday and Thursday's trading sessions as investors focused on concerns about demand. During these two sessions, both Brent and WTI oil prices fell by about 5% to their lowest levels since January.

Data from China shows that in June, oil imports and refining activity in the East Asian country were lower than the same period last year.

Also last week, a report from the Bureau of Labor Statistics of the U.S. Department of Labor indicated that in July, the U.S. added 114,000 jobs, nearly half the 215,000 jobs added per month over the past year and far below the 200,000 jobs economists believe are needed to keep pace with population growth. Low job growth and a 4.3% unemployment rate further strengthen the likelihood that the Federal Reserve (Fed) will cut interest rates in September.

This week, there will be little economic data released. The key data could include the July Purchasing Managers' Index (PMI) for the services sector. The ongoing conflict in the Middle East will continue to be a key factor supporting or pushing oil prices lower.

The retail prices of gasoline and diesel in Vietnam on August 5th are as follows:

E5 RON 92 gasoline should not exceed 21,900 VND/liter. RON 95-III gasoline should not exceed 22,884 VND/liter. Diesel fuel prices should not exceed 20,194 VND/liter. Kerosene price should not exceed 20,326 VND/liter. Fuel oil price should not exceed 17,178 VND/kg. Denmark - Vietnam: Don't miss The top scorer in Hanoi's 10th grade entrance exam achieved 29.75/30 points.With an entrance exam score of 29.75, Tran Minh Ha, a student from Newton Secondary and High School, became the top scorer in the 2026 public high school entrance exam. Iran has again blockaded the Strait of Hormuz.On June 19, Iran reimposed a blockade on the Strait of Hormuz, citing Israel's refusal to withdraw its forces from southern Lebanon and the continued presence of US troops in the region. BREAKING NEWS: Iran again announces closure of the Strait of Hormuz.(NLDO) - Tehran has announced it will continue its blockade of the Strait of Hormuz and will not participate in the planned nuclear talks with the US in Switzerland.

The aforementioned domestic retail gasoline and diesel prices were adjusted by the Ministry of Finance and the Ministry of Industry and Trade at the price adjustment meeting on the afternoon of August 1st.

Diesel prices saw the biggest drop, at 316 VND/liter. Mazut prices decreased by 292 VND/kg, E5 RON 92 gasoline by 284 VND/liter, and RON 95-III gasoline by 281 VND/liter. Kerosene saw the smallest decrease, at 231 VND/liter.

This marks the fourth consecutive reduction in domestic fuel prices.