Brent crude climbed above US$115 a barrel on the evening of 23 October 2026, Vietnam time, up more than 1.8% and at its highest since early May, VnExpress reported. The rally reflects supply fears after Yemen's Houthi movement said it had attacked Saudi energy infrastructure, airports and military sites. In Vietnam, retailer PVOIL has extended its 350 đồng-a-litre fuel discount until 15:00 on 29 October 2026.
Oil prices through 23 October
| Time (Vietnam) | Brent | WTI | Source |
|---|---|---|---|
| Afternoon, 23 Oct | $114.47, up $1.30 (1.2%) | $100.84, up $1.37 (1.4%) | VietnamPlus |
| Evening, 23 Oct | above $115, up more than 1.8% | above $101, up 1.7% | VnExpress |
VietnamPlus said Brent had closed on 22 October at its highest since 4 May and was heading for a third straight weekly gain.
What is driving the market
The Iran-backed Houthis announced on 19 October a wave of attacks on Saudi Arabia, according to VnExpress, and Saudi Aramco evacuated its Dhahran headquarters on 22 October as fighting escalated around the Bab el-Mandeb strait at the mouth of the Red Sea. UBS analyst Giovanni Staunovo said, according to VnExpress, that markets still feared a worst case in which the conflict brings fresh supply disruptions. Linh Tran of XS.com said the things to watch were how much supply is actually lost and how long repairs take, adding that prices could stay high if attacks keep delaying deliveries. VietnamPlus cited ING analysts saying geopolitical risk would weigh on prices even without further escalation, and noted a pipeline valve closure in Libya that cut output at the Hamada and Tahara fields.
Where Vietnamese drivers stand
Vietnam's latest price adjustment took effect at 15:00 on 22 October 2026: E10RON95-III petrol is capped at 25,213 đồng a litre, E5RON92 at 25,361 đồng and diesel 0.05S at 29,550 đồng, according to the Ministry of Industry and Trade (Vietnam cuts E10 petrol ceiling by 1,816 dong a litre, raises diesel 444 dong). PVOIL's discount covers E5 RON92-II, E10 RON95-III and two grades of diesel at its 1,100 company-owned stations, VnExpress said, continuing a programme that began on 16 October. Diesel, the main fuel for freight, already rose in that adjustment while world crude kept climbing afterwards.
What to watch next
PVOIL's discount ends at 15:00 on 29 October 2026. Further out, Deutsche Bank estimates the market has swung from a 1.7 million barrel-a-day surplus last year to a 1.8 million deficit this year, VnExpress reported, and sees Brent at $74 in 2027 if a ceasefire holds or around $130 if the war drags on.