Middle East Crisis Effect: Crude Oil Transactions Surge from Dozens to Hundreds

The Indonesia Commodity and Derivatives Exchange (ICDX) has recorded a surge in futures contract transactions for the crude oil commodity COFU10, amounting to 648 lots, a sharp rise from 12 lots in February 2026 and 4 lots in January 2026. This increase is attributed to the political crisis unfolding in the Middle East. COFU10 represents a futures contract for crude oil comprising 10 barrels per lot. The type of crude oil in this futures contract is West Texas Intermediate (WTI), a light and sweet crude that serves as one of the primary global price benchmarks. “This surge in crude oil futures transactions, particularly COFU10, demonstrates the high interest among business actors in hedging against that commodity,” said ICDX Director Nursalam in Jakarta on Thursday, 23 April 2026. He also stated that the crisis in the Middle East has delivered a significant shock to the global energy market, particularly crude oil. In such situations, hedging can mitigate risks arising from price fluctuations in the physical (spot) market. In addition to crude oil futures contracts, Nursalam continued, ICDX has facilitated multilateral transactions that can be utilised by business actors for hedging on various commodities such as currencies and gold. “We will continue to develop futures contracts in line with the needs of business actors,” he added. Meanwhile, ICDX Commodity Analyst from Research and Development, Girta Yoga, said that crude oil prices in the short term remain strong enough to move in a bullish trend, due to the effects of Middle Eastern geopolitical risks, which are currently the primary catalyst and show no signs of abating. “The geopolitical risks from the Iran war directly impact supply disruptions in the global market due to mutual blockades in vital shipping routes, particularly the Strait of Hormuz, which contributes to around 20 percent of global energy supply,” he said.