Oil Price Breaches US$100 per Barrel Again—ESDM Response
Jakarta—The Ministry of Energy and Mineral Resources (ESDM) has commented on global oil prices, which have once again breached US$100 per barrel. This marks a significant increase from earlier lows of US$86 per barrel.
Deputy Energy Minister Yuliot Tanjung stated that the government is continuously monitoring movements in global oil prices. This is particularly important given Indonesia’s current dependence on imported oil priced at international rates.
“We are continuously monitoring price movements. As of this morning, international crude is at US$100. Crude oil proper is at US$94, whilst Brent is at US$100.3. We are keeping watch,” Yuliot said when reached at the BPH Migas office in Jakarta on Thursday, 12 March 2026.
According to Refinitiv data, Brent crude oil was trading at US$110.02 per barrel as of 11:31 WIB on Thursday, surging 8.7%. Meanwhile, WTI crude was at US$94.21 per barrel, up 8%.
Today’s oil price increase extends a broader rally, with Brent rising 4.7% during Wednesday’s trading and WTI climbing 4.6%.
Oil prices have surged following warnings from Iran’s government that the world should prepare for oil prices to spike to as high as US$200 per barrel amid an escalating regional conflict and severe disruptions to international energy distribution routes.
The warning came after Iranian forces reportedly attacked commercial vessels in Gulf waters on Wednesday, 11 March 2026. Simultaneously, the International Energy Agency (IEA) has agreed to release strategic oil reserves totalling 400 million barrels to cushion against what is being described as one of the worst energy supply shocks since the 1970s oil crisis.
The United States will be the largest contributor, releasing 172 million barrels from its Strategic Petroleum Reserve starting next week. Japan has also announced plans to release approximately 80 million barrels from national and private reserves to help stabilise the global energy market.
“Prepare yourselves for oil prices reaching US$200 per barrel, because oil prices depend on regional security, which you have destabilised,” said Ebrahim Zolfaqari, spokesman for Iran’s military command, in a statement directed at Washington, according to Reuters.
Oil price movements since late February have been remarkably rapid. On 27 February 2026, Brent stood at US$72.48 and WTI at US$67.02. Within less than two weeks, prices jumped over 38%, driven by escalating Middle East conflict that directly disrupted global energy supply lines.
Prices surged early this week before declining temporarily. On 9 March, Brent reached US$98.96 and WTI US$94.77, then fell over the next two days, with Brent dropping to US$87.8 on 10 March. However, the situation heated up again as military conflict in the Gulf region triggered renewed concerns about global oil supplies.
During Monday morning trading on 9 March 2026, by 09:20 WIB, Brent had briefly reached US$113.68 per barrel, whilst West Texas Intermediate (WTI) climbed to US$113.25 per barrel. This increase extends the extreme rally that has been underway since late February.
According to Reuters, Iran has intensified attacks on ships and energy facilities across the Middle East. Two tanker vessels caught fire in Iraqi waters after being struck by explosives-laden vessels believed to be controlled by Iran. The attacks triggered major fires at sea near Basra and halted operations at several oil ports.
These tensions have also extended to the Strait of Hormuz, a critical global energy route that carries roughly one-fifth of the world’s oil supplies. According to Reuters, there remains no certainty that vessels can navigate this passage safely. The situation has grown more complex following reports that Iran has deployed naval mines in the narrow waters connecting the Persian Gulf to global markets.