Oil Prices Remain at US$110 as Middle East Tensions Persist
Global oil prices heated up again at the start of the week, in line with unresolved geopolitical tensions. Based on Refinitiv data as of Monday (6/4/2026) at 09:30 WIB, benchmark oil prices moved at high levels after experiencing a sharp surge in recent days.
Brent crude was recorded at US$109.59 per barrel, while West Texas Intermediate (WTI) stood at US$110.63 per barrel. This movement occurred after an extremely volatile phase since late March, where Brent once reached US$118.35 on 31 March before correcting and rising again.
If traced back to 23 March, the oil price rally appears quite aggressive. Brent, which was then around US$99.94, has now jumped more than 9%, while WTI has soared from US$88.13 to above US$110.
The most striking increase occurred on 31 March, when Brent surged to US$118.35, the highest level in this data series. After that, prices corrected to around US$101 on 1 April, before rebounding above US$109 at the start of this week.
WTI showed a slightly different pattern. Although it briefly broke through US$111.54 on 2 April, the price then corrected slightly to US$110.63 today, indicating a tug-of-war between supply factors and profit-taking actions.
The global energy market is currently overshadowed by supply disruptions from the Middle East, particularly in the Strait of Hormuz, which carries about one-fifth of the world’s oil supply.
The closure of this route due to conflict between the United States, Israel, and Iran has hampered oil distribution. Several refineries are reportedly starting to seek alternative sources, including from the North Sea and US Gulf regions, triggering price competition in the physical market.
On the other hand, Iran is still providing limited access for ships from certain countries, so the supply flow has not completely stopped. This situation makes the market move wildly, following rapid changes in on-the-ground developments.
New Threat from Washington
Geopolitical pressure is intensifying after US President Donald Trump issued a harsh ultimatum to Iran to reopen the Strait of Hormuz. Threats of attacks on energy and transportation infrastructure are said to be possible in the near future if the route remains closed.
This step enlarges the risk of prolonged conflict, especially after attacks also extended to energy facilities in several Gulf countries such as Kuwait, Bahrain, and the United Arab Emirates. These cross-border disruptions underscore the fragility of the current global energy supply chain.
From a policy perspective, OPEC+ has agreed to an increase in production of around 206,000 barrels per day for May. However, its implementation faces serious challenges in the field.
Several major producers are experiencing operational disruptions due to the conflict, while Russia also faces export obstacles following drone attacks on terminals in the Baltic Sea. Under these conditions, the additional supply may not be fully realised.