On June 13, the stock market saw a decline due to geopolitical tensions in the Middle East, but oil stocks surged with GAS, PVS, PVD, BSR, and PLX all rising over 3%. Brent crude oil rose 9% to $75/barrel following escalating tensions between Israel and Iran. EIA data indicated a significant drop in U.S. crude oil reserves, along with expectations of Fed rate cuts, increasing oil demand. SSI Research predicts average oil prices will range from $70-75/barrel by 2025, supported by OPEC’s decision not to cut production and better-than-expected recovery in the Chinese market. Meanwhile, BSR’s profits are expected to surge by 73% to 3.1 trillion VND, while PVD and PVS are also projected to maintain strong growth due to active E&P activities. Major projects in the oil sector, including the LNG Thị Vải port, Sơn Mỹ LNG project, and Dung Quất expansion, are underway, promising future growth.
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