ICP March Surges to 102 USD per Barrel, Highest This Year
The average price of Indonesian Crude Oil (Indonesian Crude Price/ICP) in March 2026 surged to 102.26 USD per barrel. This figure represents the highest price throughout 2026.
The determination of the ICP is outlined in the Ministerial Decree of the Minister of Energy and Mineral Resources Number 149.K/MG.03/MEM.M/2026. The sharp rise occurred compared to February 2026, which stood at 68.79 USD per barrel.
“The average ICP for March 2026 experienced a significant increase of 33.47 USD per barrel compared to February 2026, from 68.79 USD per barrel to 102.26 USD per barrel. This rise aligns with the trend of major global crude oil prices, which also saw a sharp increase,” stated the Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Laode, in his remarks in Jakarta on Friday (17/4/2026).
Laode explained that the price surge is inseparable from the intensifying global geopolitical dynamics throughout March 2026. Tensions involving the United States, Israel, and Iran directly impacted the world’s energy supply.
Energy distribution disruptions became one of the main triggers. Shipping through the Strait of Hormuz, which has supported around 20 percent of the world’s oil supply, was temporarily halted, sparking market concerns.
Attacks on energy facilities in the Middle East region further worsened the supply situation. Several producer countries experienced operational disruptions that affected global energy production and distribution.
“The heated geopolitical situation has caused uncertainty in global supply, ultimately driving a significant rise in crude oil prices,” said Laode.
Disruptions also occurred in LNG production in Qatar, operations at oil refineries in Saudi Arabia, and reduced production in Kuwait and Iraq. Several strategic facilities, including the Basrah port in Iraq and energy terminals in the United Arab Emirates, were reported to have temporarily halted operations.
Threats of closing the Strait of Hormuz, attacks on tanker ships, and the potential expansion of conflict in the Gulf region strengthened the bullish sentiment in the international market. This situation kept the energy market under high pressure throughout March.
The government continues to monitor developments in global oil prices to maintain domestic energy supply stability. Mitigation steps are being prepared to respond to rapidly moving global dynamics.
In detail, the development of average major crude oil prices in March 2026 compared to February 2026 is as follows:
The average ICP for Indonesian crude oil rose by 33.47 USD per barrel from 68.79 USD per barrel to 102.26 USD per barrel.
The Brent (ICE) price increased by 30.23 USD per barrel from 69.37 USD per barrel to 99.60 USD per barrel. WTI (Nymex) rose by 26.47 USD per barrel from 64.52 USD per barrel to 91.00 USD per barrel.
Dated Brent experienced an increase of 32.73 USD per barrel from 71.15 USD per barrel to 103.89 USD per barrel. Meanwhile, the OPEC Basket rose by 48.13 USD per barrel from 67.90 USD per barrel to 116.03 USD per barrel (as of 30 March 2026).
This increase indicates that price pressures are occurring evenly across the global oil market. The government is preparing anticipatory measures to ensure national energy resilience remains intact.