Indonesia's Crude Oil Price Surges to 102 US Dollars Per Barrel, Triggered by Middle East Conflict
JAKARTA, KOMPAS.com - The Ministry of Energy and Mineral Resources has set the average price of Indonesian crude oil (Indonesian Crude Price/ICP) for March 2026 at 102.26 US dollars per barrel, surging 33.47 US dollars per barrel from the previous 68.79 US dollars per barrel in February 2026.
The determination of the ICP is contained 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.
The Director General of Oil and Gas (Migas) of the Ministry of Energy and Mineral Resources, Laode Sulaeman, stated that the ICP surge is inseparable from the intensifying global geopolitical dynamics throughout March 2026, particularly in the Middle East.
Laode explained that the rise in global crude oil prices was triggered by the escalation of conflicts involving the United States (US), Israel, and Iran, which directly impacted the world’s energy supply.
One of the main factors is the disruption to global energy distribution routes, including a temporary 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 also affected supplies.
He stated that the global conflict dynamics have at times created pressure on energy production and distribution in several regions, including disruptions to LNG in Qatar, refinery operations in Saudi Arabia, as well as production declines in several affected countries and impacts on strategic facilities.
“The heating geopolitical situation has caused uncertainty in global supplies, which ultimately drives a significant increase in crude oil prices,” he said.
In line with that, the government continues to monitor global developments and prepare necessary mitigation steps to strengthen national energy resilience, including seeking diverse alternative supply sources.
“Through anticipatory measures and ongoing monitoring, the government continues to ensure that national energy supplies remain maintained and stable,” Laode said.
The following is a breakdown of the prices of major crude oils in the international market that experienced increases in March 2026: