Breaking News! Oil Prices Soar 4% to US$106
Jakarta, CNBC Indonesia - Global oil prices have reversed course and surged sharply during Thursday’s trading (2/4/2026), after previously coming under pressure. This spike occurred amid escalating geopolitical conflicts intensifying in the Middle East.
According to Refinitiv data as of 09:30 WIB, Brent crude oil stood at US$106.16 per barrel, up from the previous close of US$101.16. Meanwhile, West Texas Intermediate (WTI) crude was recorded at US$104.32 per barrel, strengthening from US$100.12.
This increase equates to a roughly 4.9% jump for Brent and 4.2% for WTI in a single day. The movement followed a weakening in the prior session, even far from this week’s highs.
Looking back, oil prices had reached US$118.35 per barrel on 31 March 2026 for Brent. This means the market has experienced extreme volatility in a short time—from sharp surges, deep corrections, and now a rebound.
The primary sentiment stems from developments in the conflict between the United States and Iran. US President Donald Trump stated that attacks on Iran will continue, including targeting energy and oil facilities in the coming weeks. This statement immediately shifted the market’s direction, which had previously been in a wait-and-see mode.
Tensions in the region also heightened after an oil tanker chartered by QatarEnergy was reportedly hit by an Iranian cruise missile in Qatari waters. This incident has amplified concerns over the security of global energy distribution routes, particularly around the Strait of Hormuz, a vital pathway for world oil trade.
On the supply side, the International Energy Agency (IEA) has warned that supply disruptions are beginning to be felt, especially in Europe in April. Until now, the region has remained relatively secure due to long-term contract supplies, but conditions are changing as the conflict drags on.
Observing movements since the end of March, the current oil price trend is heavily influenced by geopolitical dynamics.
In less than two weeks, Brent has moved from around US$99 to above US$118, then down to US$101, and now back above US$106. This sharp fluctuation highlights the market’s sensitivity to every conflict development.