Oil markets stayed highly volatile last week on Strait of Hormuz risks, while in Vietnam gasoline prices turned lower from 00:00 on 1 November under the new tax policy.

Global Oil Market

The January Brent contract settled at $113.43 per barrel on 30 October, up $2.63 on the day, while the December contract expired at $117.64 per barrel. Market sources put Brent’s gain at roughly 13–14% in October, as of the last trading session of the week.

The seven core OPEC+ members met online on 1 November. According to Reuters, citing three sources, the group agreed in principle to keep its December output targets unchanged; no official statement had been published at the time of writing.

In its report released on 14 October, the IEA estimated 2026 world oil demand at 102.4 million barrels per day (down 2.6 million) and supply at 100.7 million barrels per day (down 5.8 million). Diesel accounts for about 25% of the demand decline; its price has eased from record highs above $200 per barrel in September but remains nearly double the crude price, and the IEA expects middle distillate supply to stay tight well into 2027. In Europe, EU governments will release 42 million barrels of oil and product reserves over three months, half of it diesel.

The Strait of Hormuz and Regional Supply

On 30 October, UKMTO reported a limpet-mine explosion near Khasab. Iran’s Revolutionary Guards said a tanker hit a mine on a route they described as unauthorised; this has not been independently verified. On 31 October, the US Treasury Secretary said transits through Hormuz had returned to pre-conflict levels, excluding Iranian barrels. Separately, ADNOC plans a second 1.5-million-barrel-per-day pipeline to Fujairah to bypass Hormuz, with first deliveries expected in early 2027. Independently verified data on Southeast Asian refining were limited this week.

Vietnam’s Domestic Market

In the 29 October pricing session, maximum retail prices rose: E5 RON 92 gasoline to VND 26,027 per litre (up VND 666), E10 RON 95-III to VND 25,734 per litre (up VND 521) and 0.05S diesel to VND 30,246 per litre (up VND 696). On 31 October, the Government issued Resolution 45/2026/NQ-CP, cutting the special consumption tax on gasoline to 0% from 1 November 2026 to 31 March 2027. From 00:00 on 1 November, E5 RON 92 is capped at VND 24,223 per litre (down VND 1,804) and E10 RON 95-III at VND 24,159 per litre (down VND 1,575). No contribution was set aside for the Price Stabilisation Fund this session. The sources checked did not state a diesel price for the 31 October session.

Product Tanker Shipping

According to IC Shipbrokers’ 30 October report, product tanker activity slowed further with slight rate declines from the various loading areas; crude tankers also eased very slightly. Signal Ocean data to 14 October showed LR2 rates on the Middle East Gulf–UK Continent route at $324,060 per day, nearly three times early-August levels. On asset values, Hellenic Shipping News’ 27 October report noted rising crude tanker values; a 2008-built MR2 sold for $24.5 million and a 2008-built LR2 for $59 million.

Note: This information is compiled from public sources, updated to 1 November 2026, and is for reference only.