Oil Prices Today, May 19: Market Awaits Outcome of U.S.-Iran Nuclear Talks

Oil Prices Today, May 19: Market Awaits Outcome of U.S.-Iran Nuclear Talks

Global oil prices remained steady on May 19, 2025, as investors closely monitor the outcome of the ongoing U.S.-Iran nuclear negotiations and key economic data releases from China, both of which could have significant implications for energy demand.

Global Oil Prices on May 19, 2025

As of 9:00 AM (Vietnam time), Brent crude was trading at $65.36 per barrel, while U.S. West Texas Intermediate (WTI) stood at $62.52 per barrel. Both benchmarks ended the previous trading session flat.

Last week, both Brent and WTI gained over 1% following a Joint Statement from the United States and China, where both countries agreed to substantially reduce tariffs on each other’s goods for an initial period of 90 days. This development came after a high-level trade negotiation held in Geneva since May 10 showed positive progress.

Key Market Drivers in Focus

1. U.S.-Iran Nuclear Deal Negotiations

The outcome of nuclear talks between the United States and Iran is a major driver for oil prices this week. A successful deal could pave the way for Iran to resume oil exports at higher levels, increasing global supply and potentially pushing prices lower. However, any breakdown in talks may tighten supply expectations, giving support to crude prices.

2. China’s Economic Data

China is expected to release several key economic indicators, including industrial output, later today. Any signs of an economic slowdown from the world’s largest crude importer could dampen global oil demand outlooks, putting downward pressure on prices.

3. Rising Geopolitical Tensions in Europe

Tensions are escalating between Estonia and Russia following the seizure of a Greek oil tanker by Russian forces on May 18, after the vessel departed a Baltic Sea port in Estonia. The incident has raised concerns about potential disruptions in oil transport routes, particularly in Eastern Europe.

U.S. Oil Production Shows Signs of Weakness

The number of active oil rigs in the U.S. declined by one this week, bringing the total to 473—the lowest since January. American producers are cutting expenditures and are expected to slow the pace of production growth in 2025 due to market uncertainty and tighter margins.

Additionally, a stronger U.S. dollar—which recorded gains on May 16 and is on track for a fourth straight week of increases—has made oil more expensive for buyers using other currencies, creating further downward pressure on global oil prices.

Domestic Fuel Prices in Vietnam Remain Stable

On May 15, 2025, Vietnam’s Ministry of Industry and Trade and the Ministry of Finance adjusted domestic fuel prices in line with global trends. The Price Stabilization Fund was neither tapped nor contributed to for gasoline and other petroleum products during this adjustment period.

As of May 19, 2025, retail fuel prices in Vietnam are as follows:

E5 RON92 gasoline: 19,180 VND/liter

RON95-III gasoline: 19,594 VND/liter

Diesel 0.05S: 17,228 VND/liter

Kerosene: 17,226 VND/liter

Mazut 180CST 3.5S: 16,160 VND/kg

Outlook: Oil Market Awaits Clearer Signals

With several uncertain events unfolding simultaneously, the global oil market remains in a wait-and-see mode. The result of the U.S.-Iran talks, alongside China’s economic health and geopolitical developments in Europe, will likely dictate price direction in the coming days.

Domestic fuel prices in Vietnam are expected to remain stable or undergo mild adjustments in the next review session (May 25, 2025), depending on international crude price movements.

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Source: Cong Thuong