Indonesian Crude Price Surges US$33.47, Breaking Through US$102.26 Per Barrel in March 2026

Jakarta, VIVA – The Ministry of Energy and Mineral Resources, through the Director General of Oil and Gas, Laode Sulaeman, stated that the average price of Indonesian Crude Price (ICP) for March 2026 has been set at US$102.26 per barrel, an increase of US$33.47 per barrel compared to the February 2026 period.

“The average ICP for March 2026 experienced a significant rise of US$33.47 per barrel compared to February 2026, from US$68.79 per barrel to US$102.26 per barrel,” said Laode in his statement on Friday, 17 April 2026.

This determination is outlined in the Decree of the Minister of Energy and Mineral Resources of the Republic of Indonesia Number 149.K/MG.03/MEM.M/2026 concerning the Indonesian Crude Oil Price for March 2026.

Laode explained that the ICP surge is inseparable from the intensifying global geopolitical dynamics throughout the March 2026 period.

“This increase aligns with the trend of major world crude oil prices, which also experienced a sharp rise,” he stated.

He elaborated that the global crude oil price increase was triggered by the escalation of conflicts involving Iran, the United States (US), and Israel, which directly impacted the world’s energy supply.

One of the main factors is the disruption of global energy distribution routes, including the suspension of shipping through the Strait of Hormuz, which has long been the route for about 20 percent of the world’s oil supply. In addition, various attacks on energy facilities in the Middle East region have further worsened the supply situation.

Laode said that the conflict also caused several disruptions in energy production and distribution. These include the temporary suspension of LNG production in Qatar, operational disruptions at oil refineries in Saudi Arabia, and reduced production in several countries such as Kuwait and Iraq.

Even strategic facilities such as the Basrah port in Iraq and energy terminals in the United Arab Emirates were reported to have temporarily halted operations.

“The heated geopolitical situation has caused global supply uncertainty, which ultimately drives a significant increase in crude oil prices,” said Laode.

Furthermore, threats of closing the Strait of Hormuz, attacks on oil tankers, and the potential spread of conflict to various energy facilities in the Gulf region have further strengthened the upward price sentiment in the international market.