Oil stocks surge as Brent tops $90; PLX hits ceiling

Overview

Vietnamese oil and gas stocks rallied sharply on August 18, 2026, as global crude prices breached $90 per barrel, with Petrolimex (PLX) hitting its ceiling price. The sector’s surge helped lift the VN-Index by more than 4 points to 1,732 points, even as the broader market showed mixed performance and foreign investors continued to sell.

Key Facts

• Brent crude surpassed $90 per barrel, while WTI approached $86, the highest since early August.
• PLX closed at its ceiling price of 37,950 VND, with over 4 million shares in the buy queue.
• GAS, BSR, and OIL each rose at least 2% from their reference prices.
• The oil and gas sector contributed approximately 5 points to the VN-Index, according to VNDirect Securities.
• VN-Index rose 4 points to 1,732, but VN30 closed below its reference.
• Foreign investors extended their net selling streak to four consecutive sessions, with total selling of nearly 2,000 billion VND.
• Market liquidity was below 15,000 billion VND, with VIC leading turnover at 860 billion VND.

What Happened

Oil and gas stocks led the market on August 18, 2026, as escalating Middle East tensions raised supply disruption concerns, pushing Brent crude above $90 per barrel. Petrolimex (PLX) hit its ceiling price, closing at 37,950 VND, while other major names like GAS, BSR, and OIL all gained at least 2%. According to VNDirect Securities, the sector contributed roughly 5 points to the VN-Index, without which the index would have closed in negative territory.

The rally came amid a broad market correction, with more than 160 stocks declining on the HOSE and fewer than 130 advancing. Banking and securities stocks were mostly lower, while real estate was mixed, with Vingroup-related stocks (VIC, VHM) providing support. Foreign investors continued to reduce exposure, with net selling of nearly 800 billion VND, the lowest daily disbursement in a month and a half.

Market Context

PLX, listed on HOSE, closed at 37,950 VND on August 18, near its 52-week high, reflecting strong momentum in the oil and gas sector. The sector’s performance contrasts with the broader market, which is under pressure as VN-Index has lost its support around 1,750 points and is heading toward the 1,700-1,710 range, according to SHS Securities. The rally in oil stocks is closely tied to global crude prices, which have been volatile due to geopolitical risks in the Middle East.

Strategic Significance

For long-term investors, the surge in oil and gas stocks highlights the sector’s sensitivity to global energy prices and geopolitical events. PLX, as the national petroleum distributor, benefits from higher product prices, while upstream players like GAS and BSR gain from increased crude and gas prices. However, the sustainability of this rally depends on whether oil prices remain elevated, as well as on domestic demand and government pricing policies. The sector’s strong performance also underscores its role as a defensive play during market corrections, given its strategic importance to the economy.

What to Watch

• Movement in Brent and WTI crude prices, particularly any escalation or de-escalation in Middle East tensions.
• Q3 2026 earnings reports from PLX, GAS, BSR, and OIL, expected in October.
• Foreign investor flows into and out of the oil and gas sector, given the recent selling trend.
• Any regulatory changes in fuel pricing or subsidies that could impact PLX’s margins.
• VN-Index’s ability to hold the 1,700-1,710 support level, which could affect overall market sentiment.