Indonesia’s crude price jumps to $117.31/bbl in April on Middle East tensions
Tuesday, May 19 2026 - 01:01 PM WIB
By Romel S. Gurky
Indonesia’s average crude oil price (ICP) rose to $117.31 per barrel in April 2026, up $15.05 from $102.26 per barrel in March, the Ministry of Energy and Mineral Resources (ESDM) said on Tuesday.
The price was set under ESDM Ministerial Decree No. 203.K/MG.03/MEM.M/2026 concerning crude oil prices for April 2026.
Director General of Oil and Gas Laode Sulaeman said the increase was driven mainly by escalating geopolitical tensions that heightened concerns over disruptions to global oil supply, particularly in the Middle East and the Strait of Hormuz.
“The increase in crude oil prices in April 2026 was influenced by the continued escalation of geopolitical conflicts, which heightened the risk of disruptions to global oil supplies,” he said in a statement.
Laode said tensions in the Strait of Hormuz, a U.S. blockade of Iranian ports and attacks on energy infrastructure in the Middle East had intensified market concerns over supply security.
Read also: Indonesia’s crude price jumps to $117.31/bbl in April on Middle East tensions
He added that China’s first-quarter economic growth of 5% year-on-year also supported sentiment for stronger global oil demand.
Despite the increase, Laode said several factors could limit further price gains, including forecasts of a 5 million barrel-per-day year-on-year decline in global oil demand in the second quarter of 2026 and the possibility of renewed diplomatic talks between Iran and the United States.
“The government will continue to closely monitor developments in the global oil market to maintain national energy security and ensure the stability of domestic energy supplies,” he said.
Other major crude benchmarks showed mixed movements in April compared with March. Brent crude on ICE rose to $102.46 per barrel from $99.60, while West Texas Intermediate (WTI) on Nymex increased to $98.06 from $91.00.
Dated Brent climbed sharply to $120.55 per barrel from $103.89, while the OPEC basket fell to $108.55 per barrel as of April 29 from $116.36 previously.
Editing by Reiner Simanjuntak