Israel Attacks Lebanon, Oil Prices Heat Up Again
Oil prices climbed again on Thursday morning (9 April 2026), after a sharp fall in the previous two days. The market has yet to find truly stable footing amid layered geopolitical uncertainties.
According to Refinitiv data at 09:55 WIB, Brent was at US$96.76 per barrel, while West Texas Intermediate (WTI) stood at US$97.05 per barrel. Both were up from the previous day’s close of US$94.75 for Brent and US$94.41 for WTI.
This rise came after the correction on 7-8 April. Brent had been above US$109 per barrel on 7 April, while WTI hit US$112.95. Over two days, the market lost more than US$15 per barrel. This drop was one of the sharpest since the previous period of extreme volatility.
The direction of price movements remains heavily influenced by dynamics in the Middle East, particularly regarding the ceasefire between the United States and Iran. The anticipated agreement to reopen supply routes has not yet been fully embraced by market players.
The Strait of Hormuz remains a crucial point. This route channels around 20% of global oil supplies from Gulf countries such as Saudi Arabia, Iraq, Kuwait, and Qatar. Shipping activities have not fully recovered as logistics players await on-the-ground security assurances.
Several reports indicate that ships still face risks, from mine threats to high insurance premiums. Iran has even designated special shipping lanes to avoid hazardous areas, with tight military coordination.
On the other hand, tensions have not fully subsided. Attacks on energy facilities in the region continue, including pipeline infrastructure in Saudi Arabia that previously served as an alternative distribution route outside the Strait of Hormuz. Other countries like Kuwait, Bahrain, and the United Arab Emirates have also reported drone and missile strikes.
This situation means additional oil supplies to the global market remain limited in the short term. Over the next two weeks, energy flows from the region are not expected to return to normal, as security and operational constraints remain unresolved.
The market is now in a phase of tug-of-war between expectations of supply openings and the reality on the ground, which is still rife with disruptions.