TEMPO.CO, Jakarta - Global oil prices have begun to ease after a sharp surge driven by escalating tensions in the Middle East, as markets respond to signs of reduced immediate risk.
In Tuesday’s trading, U.S. benchmark West Texas Intermediate crude fell 1.98 percent to US$104.23 per barrel, retreating from recent highs, according to data cited by Tempo.
A report by Trading Economics attributed the decline to easing market concerns after the United States said it had thwarted an attack by Iran and safely escorted two American-flagged vessels through the Strait of Hormuz, stating they had “defended all commercial ships” from drones and small boats deployed by Tehran.
Separately, the United Arab Emirates reported intercepting an Iranian missile and confirmed a fire at the Fujairah oil terminal, one of the world’s key energy export hubs, highlighting ongoing risks to critical infrastructure.
These developments followed remarks by U.S. President Donald Trump outlining plans to secure shipping routes through Hormuz and ensure protection for vessels stranded in the area.
Despite the recent pullback, tensions in the strategic waterway remain elevated. Market participants believe disruptions could persist until a broader agreement is reached between Washington and Tehran, keeping traders wary of renewed price spikes.
Oil prices had earlier surged to their highest levels since 2022. Brent crude futures briefly climbed above US$120.94 per barrel on April 30, 2026, before settling near US$113 by the end of the session.
Fundamentals have also supported prices, with a sharp decline in U.S. crude inventories and exports exceeding 6 million barrels per day, signaling tighter global supply amid ongoing logistical disruptions.
In Indonesia, the global rally has fed into domestic pricing. The Energy and Mineral Resources Ministry reported that the Indonesian Crude Price (ICP) reached US$102.26 per barrel in March 2026, its highest level in a year and well above the state budget assumption of US$70 per barrel.
Read: South Korean-Operated Ship Hit by Explosion in Hormuz
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