Global Oil Prices Fall 3 Per Cent, But Indonesian Vessels Remain Stranded in Strait of Hormuz
Global oil prices fell 3 per cent after several tanker ships successfully transited the Strait of Hormuz, which has been engulfed in conflict between the United States, Israel and Iran, on Tuesday 17 March 2026.
Reuters reported that Brent crude oil prices declined 2.8 per cent to $100.21 per barrel, whilst West Texas Intermediate fell 5.3 per cent to $93.50 per barrel.
Although there are no detailed reports regarding which countries’ tanker vessels have transited the strait, this represents positive news for global energy security.
Meanwhile, two Indonesian vessels—Gamsunoro and VLCC Pertamina Pride—remain reported to be in the Persian Gulf. The crews and vessels are in safe condition.
“As of 12 March 2026, two tanker vessels operated by Pertamina International Shipping (PIS), VLCC Pertamina Pride and Gamsunoro, remain in the Arabian Gulf and have not yet been able to transit the Strait of Hormuz. All vessels and crews are in safe condition,” a statement said.
“Pertamina Pride is transporting cargo for national energy requirements, whilst Gamsunoro is providing transportation services for third-party partners (non-Pertamina),” the statement added.
To enable both vessels to transit the Strait of Hormuz safely, Indonesia’s Foreign Ministry is working to establish communication with the Iranian government.
“The Foreign Ministry, through the Indonesian Representative Office in Teheran, has held meetings with relevant Iranian authorities and continues to coordinate closely with local parties to obtain current information regarding the situation in the Strait of Hormuz, as well as to ensure the safety of Indonesian-flagged vessels,” said Foreign Ministry spokesman Vahd Nabyl Achmad Mulachela, according to Kompas.com, on Monday 16 March 2026.
There is no further information yet regarding when Indonesian-flagged vessels will be permitted to transit the Strait of Hormuz. Iran has recently clarified that besides American, Israeli and allied vessels, other ships may pass through the waterway.
Iranian Foreign Minister Abbas Araghchi explained that several countries have officially requested safe passage for their vessels to transit the Strait of Hormuz.
“And it is up to our military to decide whether (vessels) can pass,” Araghchi said, according to Al Jazeera, on Monday 16 March 2026.
Araghchi added that several groups of vessels have been permitted to pass through the Strait of Hormuz, with the exception of American, Israeli and allied vessels.
“Teheran stated that the Strait of Hormuz is open to all except the United States and its allies,” Al Jazeera reported.