Oil Prices Surge Over Rp100,000 Following Trump's Threat to Strike Iran in the Near Future

Global oil prices surged sharply following a statement from United States President Donald Trump, who renewed threats to bombard Iran in the coming weeks and failed to provide clarity on the end of the conflict. This increase came after both benchmark prices had previously fallen by more than US$1 ahead of Trump’s nationally broadcast speech. The sudden spike in global energy prices has triggered market concerns over potential prolonged disruptions to worldwide oil supplies. On Thursday morning, 3 April 2026, Brent crude was recorded rising US$6.33 or 6.3 per cent, or about Rp107,000, to the level of US$107.49 or Rp1.82 million per barrel. Meanwhile, the US benchmark, West Texas Intermediate (WTI), surged US$5.28 or 5.3 per cent to US$105.40 per barrel. In his speech, Trump emphasised that military operations against Iran would continue until objectives were achieved. He added that attacks would be launched in about two to three weeks. “We will complete this task, and we will complete it very quickly. We are very close (to victory),” Trump said, quoted from Al-Jazeera on Thursday, 3 April 2026. On the other hand, the escalation of the conflict is further worsening the global energy crisis. Iran is reported to have closed the Strait of Hormuz in response to combined US and Israeli attacks. The closure of this vital route disrupts about one-fifth of the world’s oil and liquefied natural gas (LNG) supplies, triggering the largest energy crisis in decades. This situation has made market players increasingly wary of the potential for further price surges, especially if the conflict continues to escalate without certainty of resolution. Trump also urged other countries to intervene in addressing the crisis. “To the countries that cannot get fuel, many of whom have refused to get involved… gather your belated courage, go to the strait and just take it,” Trump said. Citing the BBC, Founder of InterCapital Energy, Alberto Bellorin, assessed this surge as a real market response to the dashed hopes of a ceasefire in the near term. He emphasised that Trump’s speech did not provide a concrete timeline regarding the reopening of the Strait of Hormuz.