Oil Prices Surge Over 5%, Brent Breaks Through $105

Global oil prices have strengthened sharply amid uncertainties over the direction of the conflict between the United States (US), Israel, and Iran. According to data from TradingView on Thursday (2/4/2026) at 08:34 WIB, the price of Brent crude, the global benchmark, was recorded at $106.15 per barrel, up 5.92 points or 5.91%. Meanwhile, the price of West Texas Intermediate (WTI) crude stood at $104.26 per barrel, strengthening by 5.36 points or 5.42%. Market participants are currently monitoring developments in the Strait of Hormuz, a vital route handling around 20% of global oil and gas supplies. Disruptions to distribution in the region are one of the main factors driving the surge in energy prices. Quoted from CNBC on Thursday (2/4/2026), Trump had previously stated via a post on Truth Social that Iran had requested a ceasefire. This statement briefly sparked hopes that oil tanker traffic through the Strait of Hormuz would return to normal. Trump said the ceasefire request from Iran’s “new regime president” would only be considered if the Strait of Hormuz was fully reopened. He also issued strong statements that the US would continue to pressure Iran until that condition was met. On the other hand, Iran has denied the claim. The Iranian government asserted that the shipping route would not be opened based solely on what it deemed exaggerated statements from Trump. Iran also stated that the Strait of Hormuz remains under the full control of the Islamic Revolutionary Guard Corps (IRGC) Navy. Trump himself is seen as sending inconsistent signals, on one hand saying negotiations are close to an agreement, but on the other opening the possibility of escalation by deploying thousands of additional troops to the region.