Indonesia oil prices rise as Middle East conflict lifts Brent to $92 a barrel

Global oil markets saw Brent crude climb to $92.13 per barrel and West Texas Intermediate to $85.28, driven by renewed U.S. strikes on Iranian targets, Kuwait’s interception of an Iranian drone, and Houthi threats to Saudi tankers in the Bab el‑Mandeb strait. The disruption has heightened concerns over supply from the Gulf, especially as traffic through the Strait of Hormuz remains reduced.

Indonesia’s Ministry of Energy and Mineral Resources projected the domestic Indonesian Crude Price for July at US$67‑71 per barrel, down from June’s US$83.45 and May’s US$106.56. Officials said the price will track global market developments and geopolitical risks, noting that any new attacks could further affect supply. The ministry highlighted the potential for increased Middle‑East output and the reopening of the Hormuz corridor to temper prices, while continuing to monitor U.S. inventory data from the American Petroleum Institute and the Energy Information Administration.