Breaking! Oil Prices Surge 7%, Reach US$104
Jakarta - Global oil prices have experienced renewed volatility at the start of the week. A sharp increase of more than 7% has propelled Brent and West Texas Intermediate (WTI) back above the psychological US$100 per barrel level, triggered by the latest escalation in the United States (US) and Iran conflict.
According to Refinitiv data as of Monday (13/4/2026) at 09.45 WIB, the Brent crude June contract (LCOc1) stood at US$102.17 per barrel, up from the previous Friday’s close of US$95.20 per barrel. Meanwhile, US crude WTI (CLc1) rose to US$104.88 per barrel from its prior level of US$96.57 per barrel.
This surge has reignited heat in the energy market after previous sessions saw some corrections. Over three trading days, Brent has reversed from around US$94 to above US$102 per barrel.
The primary trigger stems from US President Donald Trump’s decision to declare that the US Navy will begin blockading ships heading to Iran through the Strait of Hormuz. This move was announced after peace talks between Washington and Tehran failed to yield an agreement to end the war.
The market views this policy as potentially slashing Iran’s oil exports by around 2 million barrels per day, which have continued to flow through that route. If the disruption persists, global supply will tighten further amid solid energy demand.
The Strait of Hormuz itself is the lifeline of global energy trade. This narrow waterway serves as the main route for oil exports from the Middle East to Asia, Europe, and other global markets. Any threat in the region almost always triggers a risk premium on oil prices.
On the other hand, Iran’s Revolutionary Guard has warned that military ships approaching the strait area will be considered a violation of the two-week ceasefire and will face a strong response. That statement has heightened market concerns that the conflict could expand into physical distribution disruptions.
Nevertheless, Saudi Arabia has stated that its full-capacity oil shipments through the East-West pipeline have been restored to around 7 million barrels per day. This route serves as an important alternative to reduce reliance on the Strait of Hormuz.
For now, the market is moving on one narrative: as long as US-Iran tensions do not subside and the threat of supply disruptions remains open, oil prices are likely to stay elevated. The US$100 level has now returned as the main arena for global energy trading.