US-Iran Peace Path Reemerges, Oil Prices Plunge to US$94

Jakarta, CNBC Indonesia - Global oil prices moved lower again during Wednesday morning’s trading, amid market hopes that the diplomatic channel between the United States (US) and Iran remains open. Market participants began reducing the risk premium following the sharp rally that occurred at the start of the week.

Referring to Refinitiv data as of Wednesday (15/4/2026) at 09.30 WIB, Brent was at US$94.62 per barrel, down 0.18% from the previous close of US$94.79 per barrel. Meanwhile, West Texas Intermediate (WTI) was recorded at US$90.70 per barrel, weakening 0.64% from US$91.28 per barrel.

This decline extends the correction from the previous day. On Tuesday, Brent plunged 4.6% and WTI fell 7.87%, after the market assessed the chances of new talks between Washington and Tehran that could ease the conflict disrupting global energy flows.

The market’s main focus remains on the Strait of Hormuz, the narrow waterway that serves as the lifeline for world oil trade. Disruptions in the area caused prices to surge above US$109 per barrel on 7 April. At that time, Brent reached US$109.27, while WTI broke through US$112.95.

However, that rally has gradually faded. Over the last eight trading days, Brent has fallen around 13.4% from its peak, while WTI has corrected by nearly 19.7%. This indicates that the market is beginning to believe supply disruptions will not be permanent.

Reuters reported that the US and Iran negotiation teams are likely to meet again in Islamabad this week. A US official stated that communication is still ongoing, while Pakistan’s Prime Minister Shehbaz Sharif said mediation efforts continue.

Nevertheless, risks have not disappeared. The International Energy Agency (IEA) stated that attacks on energy infrastructure in the Middle East and the effective closure of the Strait of Hormuz have triggered the largest oil supply disruption in modern history, with around 10.1 million barrels per day lost in March.

The IEA also cut its projection for global oil demand growth in 2026 by 80,000 barrels per day, while global supply is now estimated to fall by 1.5 million barrels per day. This outlook signals that the world economy could slow if the crisis drags on.