Oil Prices Edge Up Slightly as Market Awaits Signals from the Middle East

Jakarta, CNBC Indonesia - Global oil prices have edged up again amid the push-and-pull of geopolitical sentiments that have not fully subsided.

According to Refinitiv as of Thursday, 26 March 2026 at 09:25 WIB, the Brent contract (LCOc1) was recorded at US$103.31 per barrel, while West Texas Intermediate (WTI/CLc1) stood at US$91.41 per barrel.

This increase represents a recovery effort following the pressure that weighed on prices the previous day, while also indicating that the market remains in a “wait and see” phase.

Looking back over the past few days, price movements have appeared quite volatile. Brent reached US$104.49 on 24 March before dropping to US$102.22 and now rising again. Meanwhile, WTI moved from US$92.35 to US$90.32, then rebounded to US$91.41. Over a longer range, prices even surged to US$112.19 (Brent) on 20 March before a sharp correction. This pattern shows that the price direction remains highly sensitive to geopolitical developments, particularly in the Gulf region.

Citing Reuters, the oil price increase in early Thursday trading was triggered by buying activity following the previous day’s decline, amid hopes of easing tensions in the Middle East.

Investors are beginning to weigh the possibility of de-escalation in the conflict, especially after reports that Iran is still considering a proposal from the United States to end the war that has long disrupted global energy flows from the Gulf region.

Although Iran’s initial response to the proposal was reportedly negative, Tehran’s decision not to issue an official rejection is seen as a signal that the diplomatic path remains open. In the energy market context, even the smallest signal regarding potential peace can directly affect supply expectations, given that the Gulf region is one of the vital routes for global oil distribution.

However, on the other hand, tensions have not truly subsided. The United States government is said to increase pressure on Iran if it does not accept the proposal. This statement serves as a reminder that escalation risks still loom, so the market has not fully dared to lock in a stronger bullish direction.

This situation has caused oil prices to move within a relatively wide range over the past few days.