Market Remains Tight. Global Crude Oil Prices See Slight Correction
Jakarta, CNBC Indonesia - Global oil prices moved slightly lower during Wednesday morning trading (29/4/2026), after a sharp rally in the previous sessions. Although corrected, price levels remain high as the market continues to be overshadowed by supply disruptions from the Middle East.
According to Refinitiv data as of 09.45 WIB, Brent crude was at US$110.74 per barrel, down 0.47% from Tuesday’s close at US$111.26 per barrel. Meanwhile, West Texas Intermediate (WTI) crude fell 0.87% to US$99.06 per barrel, from the previous level of US$99.93.
Today’s morning decline came after a week of consecutive gains. Brent has still surged 12.8% since 17 April when it was at US$90.38 per barrel. Over the same period, WTI has rocketed 18.1% from US$83.85 to nearly touching the US$100 level again.
Citing Reuters, the rally was triggered by reports that the United States will extend the blockade on Iran’s ports. Reuters reported that President Donald Trump has asked his team to prepare options for extending economic pressure on Iran, including restricting shipping activities to and from the country’s ports.
This move has led the market to assess that energy supply disruptions in the Gulf region will not resolve quickly. The situation is increasingly sensitive because the Strait of Hormuz remains disrupted. That sea route serves as the lifeline for distributing around 20% of global oil and LNG supplies.
For the oil market, every day of disruption in Hormuz means ships are held up, logistics costs rise, and distribution to Asia and Europe is hampered. Therefore, although prices corrected this morning, the weakness is still seen as a pause after the sharp surge.
From a fundamental perspective, US inventory data also provides price support. An industry report cited by Reuters stated that US crude oil stocks fell by 1.79 million barrels last week. Gasoline inventories plunged 8.47 million barrels, while distillates dropped 2.60 million barrels. Declining stocks are usually interpreted as a signal of solid demand or tightening supply.
Movements over the last 10 days show how quickly sentiment can shift. On 20 April, Brent was still at US$95.48, now perched above US$110. WTI from US$89.61 is now at US$99.06. In a matter of days, the market has shifted from a calm phase to alert mode.