Indonesia's ICP for April reaches US$117.31 per barrel
Indonesia’s ICP for April reached US$117.31 per barrel, up US$15.05 from March 2026’s US$102.26 per barrel. The regulatory move was formalised in Minister of Energy and Mineral Resources Decree No. 203.K/MG.03/MEM.M/2026 on the Price of Crude Oil for April 2026.
Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Laode Sulaeman, explained that the rise in international crude prices in April 2026 was generally driven by escalating geopolitical tensions in the Middle East, especially the conflict among the United States, Israel and Iran, which raised concerns about disruptions to global oil supply.
“The increase in crude prices in April 2026 was influenced by the ongoing escalation of geopolitical tensions that heighten the risk of disruptions to world oil supply, particularly related to conditions in the Middle East and the Strait of Hormuz,” Laode said in a written statement on Tuesday (19 May 2026).
Laode noted that various developments throughout April 2026 also pressured the global oil market, from tensions in the Strait of Hormuz, the United States’ blockade of Iranian ports, to attacks on energy infrastructure in the Middle East. These conditions heightened market concerns about the stability of global energy supply.
In addition to geopolitical factors, China’s economic growth in Q1 2026, at 5 percent year on year, provided a positive signal for world oil demand.
Furthermore, Laode added that although global oil prices may still face pressure from geopolitical conditions, several factors could restrain price increases, including forecasts of a 5 million bpd year-on-year decline in global oil demand in Q2 2026 and the potential reopening of diplomatic channels for peace between Iran and the United States.
“The government will continue to monitor developments in the global oil market closely to safeguard national energy resilience and ensure domestic energy supply stability,” Laode stated.
Detailing the changes in average prices for major crude oils in April 2026 compared with March 2026:
Indonesia’s ICP rose US$15.05/bbl from US$102.26/bbl to US$117.31/bbl.
Brent (ICE) rose US$2.86/bbl from US$99.60/bbl to US$102.46/bbl.
WTI (Nymex) rose US$7.06/bbl from US$91.00/bbl to US$98.06/bbl.
Dated Brent rose US$16.66/bbl from US$103.89/bbl to US$120.55/bbl.
OPEC Basket declined US$7.81/bbl from US$116.36/bbl to US$108.55/bbl (as of 29 April 2026).