Crude prices stayed near their highest in several months last week as security risks in the Middle East grew. In Vietnam, the 22 October pricing review brought a sharp fall in gasoline but a rise in diesel. In shipping, the product tanker market is holding high earnings but has levelled off.

Global oil market

According to Bloomberg, Brent settled at $113.17 a barrel on 22 October, up about 4% after attacks on Saudi Arabian facilities; the price is up more than 80% so far this year. By 26–27 October Brent was trading around $115–116. Diplomatic meetings in Tehran on 26 October eased the risk premium somewhat, but no broader settlement has been reached.

Crude flows through Hormuz have returned close to pre-war levels, but product shipments remain constrained, and attacks on Russian refineries continue to lift diesel prices. The IEA expects the market to remain in deficit through the end of 2026.

Southeast Asia and Asia

Asia’s gasoline refining margin, as assessed in Singapore, hit a record $50.53 a barrel over Brent at the start of October on refinery outages and reports that China had halted exports. By mid-month, with Chinese refiners exporting again, the margin had fallen by almost half to about $24, still nearly double last year’s level. Singapore’s light distillate stocks recovered to a one-month high on higher imports.

Over a longer horizon, Asia’s estimated imports of oil products reached about 5.59 million barrels per day in August, 21% below pre-conflict levels, with Indonesia and the Philippines among the markets showing clear declines.

Vietnam’s domestic market

In the 22 October review, according to Petrolimex’s price list, E10 RON 95-III gasoline fell VND 1,810 per litre, E5 RON 92 fell VND 1,610 and kerosene fell VND 360, while diesel rose VND 450. E10 RON 95-III in Region 1 is now around VND 24,910 per litre. Petrolimex and PVOil continue to sell about VND 300–350 below the administered level until 29 October.

The next review is expected on 29 October. Local media note that upward pressure on gasoline has emerged as world prices rise, but there is not yet enough data to forecast the size of the adjustment.

Product tanker market

According to Hellenic Shipping News, all 18 product tanker routes monitored by the Baltic Exchange gained between 3 August and 14 October; LR2s on the Middle East Gulf–UK Continent route earned about $324,060 per day, even as seaborne refined product volumes fell 10.9% year on year. IC Shipbrokers’ 27 October report described product tanker activity as fair, with rates stable across loading areas.

The head of Kuwait’s state oil company said the country is exporting as much crude as before the war, but needs more tankers for jet fuel and diesel. Some analysts warn that shipping costs are approaching 25–30% of the value of the oil carried, a level that could erode demand.

This article is compiled from publicly available sources, current to 27 October 2026, and is for general information only.