Breaking News! Oil Prices Surge Again, Breaching US$107 per Barrel

Jakarta, CNBC Indonesia - Global oil prices rose again during Monday morning trading (27/4/2026), as global markets remain overshadowed by geopolitical tensions in the Middle East. The world’s most vital energy route, the Strait of Hormuz, is still operating under restrictions. Investors are once again pricing in a risk premium on energy prices.

According to Refinitiv data at 09.20 WIB, the Brent contract stood at US$107.09 per barrel, up from the previous close of US$105.33 per barrel. Meanwhile, West Texas Intermediate (WTI) was at US$95.8 per barrel, strengthening from US$94.4 per barrel in the last trading session.

This increase extends the sharp rally from last week. Over the past week, Brent jumped from US$90.38 on 17 April to US$105.33 on 24 April, or an increase of more than 16%. WTI also soared from US$83.85 to US$94.4, equivalent to a strengthening of around 12.6%. Such a rapid leap is rare unless the market faces major supply disruptions.

The main sentiment comes from the deadlock in diplomatic efforts between the United States and Iran. Reuters reported that hopes for negotiations have faded after President Donald Trump cancelled plans for a US envoy’s visit to Islamabad. At the same time, Iran’s Foreign Minister Abbas Araqchi arrived in Pakistan. This situation has led the market to assess that the room for negotiation is narrowing.

The market is also focused on shipping flows in the Strait of Hormuz. Data from Kpler, cited by Reuters, indicates that only one product oil tanker entered the Gulf on Sunday. For a route that is usually the lifeline of global energy trade, this figure is very low. This means that physical supplies are still held up and the distribution chain has not yet returned to normal.

IG Market analyst Tony Sycamore said the pressure is now on Tehran. If exports are disrupted and storage capacity is full, Iran risks cutting production at their old fields. Risks like this are making traders opt to buy oil contracts early as a hedge.

Amid this situation, Goldman Sachs has revised its Q4-2026 oil price projections. The investment bank now forecasts Brent at US$90 per barrel and WTI at US$83 per barrel, citing potential lower production in the Middle East than initially estimated. Goldman also highlighted the threat of high refined fuel prices and the potential for global energy product shortages.