Global Oil Prices Break Through US$106 per Barrel
The price of Brent crude oil on the global market has broken through the level of US$106 per barrel today. This figure is down from the highest price of US$109 per barrel on 7 April.
Quoting the oil price chart on the oilprice.com website, Brent oil prices are fluctuating between US$105-106 per barrel today. Oil prices have risen sharply from US$72 per barrel since the war in the Middle East began on 28 February 2026.
Meanwhile, according to West Texas Intermediate or WTI Crude, the price of crude oil reached US$96 per barrel. This price is down from the highest level of US$112 per barrel on 7 April 2026. The price is monitored to have risen sharply from US$67 per barrel on 28 February 2026.
The current crude oil price exceeds the assumption based on Indonesia Crude Price of US$70 per barrel set in the 2026 State Revenue and Expenditure Budget (APBN).
The Ministry of Energy and Mineral Resources (ESDM) has set the Indonesian Crude Price (ICP) at US$102.26 per barrel for March 2026. This figure is the highest level in the last year and far exceeds the assumption in the 2026 APBN.
Director General of Oil and Gas of the Ministry of ESDM, Laode Sulaeman, explained that the ICP has surged significantly compared to February 2026. “The average ICP for March 2026 rose by US$33.47 per barrel, from US$68.79 to US$102.26 per barrel,” he stated in a written statement on Friday, 17 April 2026.
Although global crude oil prices have risen, the government has not increased the prices of subsidised fuel oil, Pertalite and diesel. Increases have only occurred for Pertamax Turbo, Dexlite, and Pertamina Dex.
The oil price increase is influenced by sentiments from the conflict between the United States-Israel and Iran. The oil and natural gas trade route in the Strait of Hormuz is still blockaded by Iran.
The United States and Iran held talks with Pakistan acting as a negotiator, but no agreement has been reached. Uncle Sam’s country has declared a ceasefire since 8 April and extended it on 22 April 2026.
Spokesperson for the UN Secretary-General Stéphane Dujarric said that UN Secretary-General Antonio Guterres welcomes the extension of the ceasefire. This step is important towards de-escalation and creating critical space for diplomacy and building trust between Iran and the United States.
Guterres supports Pakistan’s efforts in facilitating further talks. “The Secretary-General hopes that these efforts will contribute to creating conditions conducive to a comprehensive and sustainable resolution of the conflict,” he stated on the official UN website on Tuesday, 21 April 2026.