Volatile Market, COFU10 Crude Oil Futures Surge Sharply in March 2026

JAKARTA - Geopolitical tensions in the Middle East are prompting market participants to ramp up hedging activities on energy commodities. The Indonesia Commodity & Derivatives Exchange (ICDX), or the Indonesia Commodity and Derivatives Exchange (BKDI), has recorded a sharp surge in transactions for crude oil futures contracts throughout March 2026.

According to ICDX data, transactions for the COFU10 crude oil commodity futures contract reached 648 lots in March 2026, a dramatic increase from the 4 lots in January and 12 lots in February of this year.

COFU10 is a crude oil futures contract representing 10 barrels per lot.

The type of crude oil in this futures contract is West Texas Intermediate (WTI), a light and sweet crude oil that serves as one of the major global benchmark prices for oil.

“As we know, the crisis in the Middle East has delivered quite a shock to the global energy market, particularly crude oil. In such situations, hedging or risk mitigation can address the risks arising from price changes in the physical (spot) market,” said Nursalam in a press statement on Wednesday (22/4/2026).

In addition to crude oil futures contracts, ICDX currently facilitates multilateral transactions that businesses can use for hedging on several commodities, such as currencies and gold.

“As an exchange, we will continue to develop futures contracts in line with the needs of business actors,” he added.

Commodity Analyst from ICDX’s Research & Development, Girta Yoga, stated that crude oil prices in the short term remain strong enough to maintain the current bullish trend. This is because the conflict in the Middle East is the primary catalyst and shows no signs of abating.

“The geopolitical risk from this Iran war directly impacts supply disruptions in the global market due to mutual blockades in vital shipping routes, especially the Strait of Hormuz, which contributes to around 20 percent of global energy supply,” explained Girta Yoga.

Meanwhile, the nearest short-term resistance level is estimated to be in the $95-100 US dollar per barrel range, and if negative catalysts arise, prices could potentially fall to the support level in the $80-75 US dollar per barrel range.