Global Oil Prices Break Through 110 US Dollars

JAKARTA - Global oil prices rose again at the start of the week. The increase was triggered by concerns over supply disruptions from the Middle East amid the US-Israel war with Iran.

On Monday morning (6/4/2026), Brent crude oil rose 1.71 US dollars or 1.6 percent to 110.74 US dollars per barrel, equivalent to about Rp 1.88 million.

West Texas Intermediate (WTI) crude oil rose 0.71 US dollars or 0.6 percent to 112.25 US dollars per barrel, about Rp 1.91 million.

This rise continues the sharp surge from the end of last week. WTI prices jumped more than 11 percent on Thursday. Brent rose nearly 8 percent. This increase marks the largest since 2020 following US President Donald Trump’s confirmation of continued attacks on Iran.

Since the war broke out on 28 February, this route has been largely closed due to Iranian attacks on ships. These disruptions have forced refineries in various countries to seek alternative supplies.

Purchases have shifted to oil from the United States and the North Sea in the UK.

“Global buyers are aggressively bidding for (US Gulf Coast) barrels and Brent is rising even faster,” wrote the Schork Group.

Political tensions have also intensified. Trump has threatened to target Iranian infrastructure if the Strait of Hormuz is not opened.

Some ships are still passing through the route. Shipping data records that an Omani tanker, a French container ship, and a Japanese gas carrier continue to operate. Iran only grants access to countries it considers friendly.

On the supply side, OPEC+ has agreed to increase production by 206,000 barrels per day for May. This addition is deemed insufficient to cover the supply disruptions.

Several producers are struggling to ramp up production due to the impact of the conflict. Russian supplies were also temporarily disrupted after a Ukrainian drone attack on an export terminal in the Baltic Sea.

The Ust-Luga terminal has only recently resumed operations after several days of disruption.