Brent crude futures reached over US$106 per barrel today, a decline from their peak of US$109 per barrel on April 7.

The fluctuating Brent oil prices ranged between US$105 and $106 per barrel today. Oil prices have gone up drastically from US$72 per barrel since the Middle East conflict broke out on February 28, 2026, The Caspian Post reports, citing foreign media.

Meanwhile, the West Texas Intermediate, or WTI Crude, reached US$96 per barrel, a decrease from its peak of US$112 per barrel on April 7, 2026. The price has seen a significant hike from US$67 per barrel on February 28, 2026.

The current crude oil prices have surpassed the assumption based on the Indonesia Crude Price of US$70 per barrel set in the State Budget 2026.

The Ministry of Energy and Mineral Resources has set the Indonesian Crude Price (ICP) at US$102.26 per barrel in March 2026, marking the highest in the past year and exceeding this year's state budget assumption.

Laode Sulaeman, the country's Oil and Gas DG explained that the ICP has significantly surged compared to February 2026. He stated, "The average ICP in March 2026 rose by US$33.47 per barrel, from US$68.79 to US$102.26 per barrel," in a written statement on Friday, April 17, 2026.

Despite the global rise in crude oil prices, the government has yet to increase the prices of subsidized fuel such as Pertalite and solar. Price hikes affected only Pertamax Turbo, Dexlite, and Pertamina Dex.

Oil price hike is influenced by the Iran war, as Tehran blocked the strategic Hormuz waterway.

The United States and Iran have held talks, with Pakistan acting as a mediator, but no agreement has been reached. Washington declared a ceasefire since April 8, which was extended until April 22, 2026.

The Spokesperson for the Secretary-General of the United Nations (UN), Stéphane Dujarric, said Antonio Guterres welcomes the truce extension, deeming it crucial in achieving de-escalation and creating a critical space for diplomacy and building trust between Iran and the United States.