The Ministry of Energy and Mineral Resources (ESDM) has set the average Indonesian Crude Price (ICP) for April 2026 at USD 117.31 per barrel. This figure increased by USD 15.05, or 14.72%, compared with March 2026, when it was recorded at USD 102.26 per barrel. 

The ICP was stipulated in Minister of Energy and Mineral Resources Decree No. 203.K/MG.03/MEM.M/2026 on Crude Oil Prices for April 2026. 

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Laode Sulaeman, said the increase in major crude oil prices on the international market in April 2026 was generally influenced by rising geopolitical tensions in the Middle East. In particular, the prolonged war involving the United States, Israel, and Iran triggered concerns over disruptions to global oil supplies. 

“The increase in crude oil prices in April 2026 was influenced by the continued escalation of geopolitical conflict, which raised the risk of disruptions to global oil supply, particularly related to conditions in the Middle East and the Strait of Hormuz,” Laode said in a press release, quoted on Tuesday, May 19. 

Beyond the escalation, other factors also placed pressure on the global oil market, including the halt of activities in the Strait of Hormuz, the blockade of Iranian ports by the United States, and attacks on energy infrastructure in the Middle East. These conditions heightened market concerns over the stability of global energy supplies. 

In addition to geopolitical factors, China’s economic growth in the first quarter of 2026, which reached 5% year-on-year, also provided positive sentiment for global oil demand. 

Laode said that although global oil prices still had the potential to come under pressure due to global geopolitical conditions, several factors could help contain further price increases. These included the projected decline in global oil demand in the second quarter of 2026, estimated at 5 million barrels per day year-on-year, as well as the potential reopening of peaceful diplomatic channels between Iran and the United States. 

“The government will continue to closely monitor developments in the global oil market to maintain national energy security and ensure the stability of domestic energy supply,” he said. 

In detail, the average prices of major crude oils in April 2026 compared with March 2026 showed the following changes. Indonesia’s average ICP increased by USD 15.05 per barrel, from USD 102.26 per barrel to USD 117.31 per barrel. Brent (ICE) rose by USD 2.86 per barrel, from USD 99.60 per barrel to USD 102.46 per barrel. WTI (Nymex) increased by USD 7.06 per barrel, from USD 91.00 per barrel to USD 98.06 per barrel. Dated Brent rose by USD 16.66 per barrel, from USD 103.89 per barrel to USD 120.55 per barrel. Meanwhile, the OPEC Basket declined by USD 7.81 per barrel, from USD 116.36 per barrel to USD 108.55 per barrel as of April 29, 2026. 

This article is published in partnership with Katadata 

Original article here