Iran Closes Strait of Hormuz; Indonesia's Fuel Stock Claimed Sufficient for 20 Days
Iran has closed the Strait of Hormuz amid warfare with the United States and Israel. This has caused global oil prices to rise significantly.
The closure of the Strait of Hormuz has driven a surge in global oil prices. The strait is the world’s most strategically vital distribution route for oil and gas, with approximately 20 per cent of global energy supplies passing through the region.
Energy and Mineral Resources Minister Bahlil Lahadalia has assured the nation of the security of Indonesia’s fuel supplies. He stated that current crude oil stocks are sufficient to meet demand for 20 days.
“Still adequate for 20 days,” said Bahlil on Monday (2 March 2026).
According to the latest data, Brent crude oil reference price was recorded at US$78.91 per barrel, whilst West Texas Intermediate (WTI) was at US$72.23 per barrel. Several analysts estimate oil prices could potentially rise to the range of US$80–100 per barrel if tensions continue to escalate.
Regarding mitigation measures being prepared by the government, Bahlil stated the ministry would first hold a coordination meeting with the National Energy Council (DEN).
“Tomorrow, God willing, I will have a meeting at the Energy Ministry, and we will convene the National Energy Council,” said Bahlil.
On the impact of rising oil prices on energy subsidies, Bahlil acknowledged that to date there have been no significant problems. However, the government continues to monitor escalating geopolitical conditions.
“So far there have been no issues, but global prices will adjust when geopolitical conditions continue to heat up in the Middle East,” said Bahlil.
He reiterated that he would meet with the National Energy Council to discuss the impact of Middle East tensions on the allocation of domestic energy subsidies.
Import of One Million Barrels
President Prabowo Subianto summoned Bahlil to the Presidential Palace in Central Jakarta. Discussion of anticipated responses to Iran’s closure of the Strait of Hormuz was the main topic.
Bahlil stated that Indonesia would prepare anticipatory measures, as the nation currently imports 1 million barrels of oil per day.
“We must prepare for this because of concerns about global oil supplies, as we are still importing 1 million barrels per day,” said Bahlil at the Presidential Palace Complex in Central Jakarta on Monday (2 March 2026).
Regarding mitigation measures, Bahlil stated the ministry would first hold a coordination meeting with DEN.
“Tomorrow, God willing, I will have a meeting at the Energy Ministry, and we will convene the National Energy Council,” said Bahlil.
Regarding domestic fuel security, according to him Indonesia still has sufficient fuel stock for 20 days of consumption.
“Still adequate for 20 days,” said Bahlil briefly when asked about current energy security.