Global Oil Prices Plunge Below US$100 Level, What's Happening This Time?
Jakarta – Global oil prices weakened, dropping below the psychological US$100 per barrel level during trading on Friday, 10 April 2026. The correction occurred amid high tensions around the Strait of Hormuz, even as the United States (US) and Iran have agreed to a temporary ceasefire.
Oil shipments through that route have not fully recovered and are reported to remain very limited. Prior to the escalation of the conflict, the Strait of Hormuz served as a sea route distributing around 20 per cent of the world’s oil supply.
Quoting CNBC International, West Texas Intermediate (WTI) crude for May delivery fell 1.5 per cent to US$96.37 or Rp1.64 million (estimated exchange rate of Rp17,090 per US dollar) per barrel. The plunge in the US benchmark crude price came after it had breached US$100 in the previous session.
Meanwhile, Brent crude for June delivery dropped 1.3 per cent to US$94.69 or Rp1.61 million per barrel.
US President Donald Trump has intensified pressure on Iran. He warned Tehran against charging fees on tankers passing through the Strait of Hormuz, which risks violating the two-week ceasefire opportunity.
“Iran seems unaware that they have no cards left, except for short-term blackmail against the world by exploiting international waters,” Trump stated in his post on Truth Social.
White House economic adviser Kevin Hassett assessed that smooth oil distribution is a crucial factor in balancing the market. According to him, one successful tanker crossing the Strait of Hormuz could make a significant contribution to the currently missing supply.
However, on-the-ground conditions are still far from normal. CEO of DUCAT Maritime, Adrian Beciri, described the situation in the Strait of Hormuz as highly chaotic, forcing several ships to take alternative routes closer to Iran’s coastline, with dramatically soaring costs.
“Honestly, the situation is very chaotic. There is no clear way to cross the Strait of Hormuz. There isn’t even a definite communication channel with Iran to arrange shipping,” Beciri said.
In addition to distribution disruptions, pressure on energy prices is coming from the production side. Attacks on Saudi Arabia’s energy infrastructure, targeting key facilities such as the Manifa and Khurais oil fields, as well as several refineries, are further worsening the global supply situation.