{
    "success": true,
    "data": {
        "id": 1710783,
        "msgid": "oil-prices-break-highest-level-since-2022-1777546502",
        "date": "2026-04-30 16:39:26",
        "title": "Oil Prices Break Highest Level Since 2022",
        "author": "",
        "source": "TEMPO_ID_BISNIS",
        "tags": "",
        "topic": "Energy",
        "summary": "Global oil prices surged to their highest level since 2022, with Brent crude reaching US$120.94 per barrel amid escalating tensions in the Middle East involving the US and Iran, before closing at US$113. In Indonesia, this has driven up the Indonesian Crude Price (ICP) to US$102.26 per barrel in March 2026, far exceeding the state budget assumption of US$70, posing significant pressure on the national budget through increased energy subsidies potentially costing Rp10.3 trillion per US$1 rise. Economists highlight the government's dilemma between swelling fiscal burdens and inflation risks from potential fuel price hikes.",
        "content": "<p>Global oil prices surged sharply, reaching the highest level since\n2022 amid rising tensions in the Middle East. Brent crude oil futures\nbriefly broke through US$120.94 per barrel on Thursday, 30 April 2026.\nAt the close of trading on the same day, oil prices fell back to US$113\nper barrel.<\/p>\n<p>Citing the Trading Economics website, this increase was triggered by\nthe heating up of the conflict involving the United States and Iran,\nincluding plans for military deployment by US President Donald Trump in\nresponse to Iran. This situation has heightened market concerns about\ndisruptions to global supply, especially after the US was reported to be\nmaintaining a naval blockade against Iran.<\/p>\n<p>From a fundamental perspective, price pressure also came from a sharp\ndecline in US oil stocks and a surge in exports exceeding 6 million\nbarrels per day. \u201cThis condition indicates that global supply is\nbecoming increasingly tight amid energy distribution disruptions,\u201d wrote\nTrading Economics on Thursday, 30 April 2026.<\/p>\n<p>Domestically, the surge in global oil prices is reflected in the rise\nof the Indonesian Crude Price (ICP). Previously, the Ministry of Energy\nand Mineral Resources (ESDM) recorded the March 2026 ICP at US$102.26\nper barrel. This price is the highest in the last year and far above the\n2026 state budget assumption of US$70 per barrel.<\/p>\n<p>The Director General of Oil and Gas at ESDM, Laode Sulaeman, stated\nthat the average ICP rose significantly by US$33.47 compared to February\n2026, which was at US$68.79 per barrel.<\/p>\n<p>According to him, the price surge is inseparable from the escalation\nof conflict in the Middle East, which also disrupts global energy\ndistribution routes, particularly through the Strait of Hormuz, a vital\nroute that carries around 20 percent of the world\u2019s oil supply.<\/p>\n<p>This oil price surge is placing significant pressure on the state\nbudget. Secretary of the Coordinating Ministry for the Economy,\nSusiwijono Moegiarso, stated that every US$1 increase per barrel could\nadd to the burden of energy subsidies and compensation by up to Rp10.3\ntrillion.<\/p>\n<p>Economist from Gadjah Mada University, Fahmy Radhi, assessed that\nthis situation places the government in a dilemmatic position. If\nsubsidised fuel prices are held, the state budget burden will swell.\nConversely, if prices are raised, inflation risks will increase.\n\u201cBecause the largest fuel consumption is for Pertalite and diesel, this\nbecomes a difficult choice for the government,\u201d he said.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/oil-prices-break-highest-level-since-2022-1777546502",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}