Under a decision recently signed by the Prime Minister, Deputy Prime Minister Bui Thanh Son will serve as head of the task force, and Acting Minister of Industry and Trade Le Manh Hung has been appointed as the standing deputy head.

Members of the task force include senior officials from several ministries and agencies in charge of trade, finance, construction, agriculture, foreign affairs, as well as from major state-owned energy enterprises, including Vietnam National Industry – Energy Group, Vietnam Electricity, Vietnam National Coal and Mineral Industries Group, and Petrolimex.

The task force is responsible for assisting the Prime Minister in directing, coordinating and supervising relevant ministries and agencies in addressing issues related to energy security in the context of the Middle East crisis.

It will closely monitor developments, assess risks and forecast potential impacts, while overseeing the implementation of measures to ensure stable fuel supplies for production, business activities and daily consumption.

The task force will also study and propose policy solutions, mechanisms and measures to address emerging challenges, enabling timely and flexible responses to safeguard national energy security and avoid disruptions in fuel supply.

The task force will automatically dissolve once it fulfils its assigned mission.

Global energy markets are entering a period of heightened volatility as military tensions involving the United States, Israel, and Iran intensify, raising concerns over potential disruptions to oil and gas supplies from the Middle East which is widely regarded as the world’s energy hub.

A series of retaliatory airstrikes among the parties in early March 2026 triggered an immediate reaction in the oil market, pushing global crude oil and natural gas prices sharply higher.

According to market data, Brent crude, the international benchmark, has risen to around US$81–84 per barrel, while West Texas Intermediate (WTI) is trading between US$74–77 per barrel, marking the highest level in more than a year. In a single trading session alone, oil prices jumped nearly 5% amid fears that supply from the Middle East could be disrupted.

The volatility is largely driven by risks to critical energy shipping routes, particularly the Strait of Hormuz, a vital chokepoint connecting the Persian Gulf with global markets.

Roughly 20% of the world’s oil supply passes through this narrow waterway every day. As tensions escalate, several oil tankers have reportedly altered routes or temporarily halted operations due to security risks, driving up shipping costs and maritime insurance premiums.

Beyond shipping disruptions, some energy production facilities in the region have also been affected. Ongoing attacks and counterattacks have forced several oil and gas facilities in the Middle East to suspend operations.

Meanwhile, exports from major regional producers such as Iraq and Qatar have experienced temporary disruptions, intensifying concerns about potential supply shortages in international energy markets.

The crisis has not been limited to oil markets. Natural gas prices in Europe have surged after some LNG facilities in the Middle East temporarily halted production, tightening global supplies of liquefied natural gas.

Energy analysts say current prices reflect a growing “geopolitical risk premium” in energy markets. In a worst-case scenario where the conflict drags on or the Strait of Hormuz faces prolonged disruption, oil prices could surpass US$100 per barrel, increasing inflationary pressures and slowing global economic growth.

Asian economies are considered particularly vulnerable to the latest energy shock due to their heavy dependence on imported oil and gas from the Middle East. Major importers including China, India, and Japan, along with several Association of Southeast Asian Nations member states, are exploring alternative supply sources and boosting strategic petroleum reserves to mitigate the risk of shortages.

Against this backdrop, global energy markets are expected to remain volatile in the coming weeks, largely depending on military developments in the Middle East and the security of key oil and gas transportation routes.

Vietnam proactively secures fuel supply amid Middle East tensions

VOV.VN - Amid escalating tensions in the Middle East that threaten global oil flows and push energy prices higher, Vietnam has proactively developed contingency scenarios to safeguard domestic fuel supply and maintain market stability.