ICDX Forecasts Crude Oil Prices Between US$95-US$100 Per Barrel in 2026
Indonesia Commodity and Derivatives Exchange (ICDX) estimates crude oil prices will range between US$95-US$100 per barrel in 2026. Girta Putra Yoga, Research and Development Director at ICDX, outlined the reasoning behind this forecast.
“Looking at the current situation and developments, we predict crude oil prices remain strongly positioned for a bullish trajectory through the second half of this year. Resistance levels are projected at around US$95-US$100 per barrel, whilst support levels are expected at approximately US$75-US$80 per barrel,” he stated.
He noted that expectations for global crude oil price strengthening have re-emerged this year. The reaffirmed commitment from the Organisation of the Petroleum Exporting Countries (OPEC) alliance to maintain production through December 2026 has served as a key catalyst lifting crude oil prices.
Additionally, geopolitical tensions at the start of the year have supported price increases. These include the detention of Venezuelan President Nicolas Maduro by US military forces, US President Donald Trump’s expressed desire to acquire Greenland from Denmark, and the onset of US-Iran conflict, which pushed crude oil prices higher to touch US$90 per barrel in early March, up from US$57 per barrel in early January 2026.
Girta characterised 2025 as a challenging year for crude oil. The “black gold” commodity recorded an average price decline exceeding 21 per cent, closing the year at approximately US$60 per barrel compared to an average of US$77 per barrel at the start of 2025.
In the first half of last year, crude oil prices declined by nearly 10 per cent, with average trading around US$69 per barrel.
Global crude oil price movements were weighed down by the trade war initiated by Donald Trump against China and several key trading partners including Canada and Mexico. Consequently, average crude oil prices moved in a bearish direction, touching US$62 per barrel in May 2025, before strengthening again after the US and China agreed to a 90-day tariff truce.