Middle East conflict drives oil price swings, Indonesia safeguards fuel supply
Global oil markets have been highly volatile as renewed fighting in the Middle East and related attacks involving the United States, Saudi Arabia, Iran, Iraq and Houthi militants have pushed Brent crude up to US$86.85 a barrel and West Texas Intermediate to US$82.06 a barrel on 29 July 2026. The price surge follows a series of drone and missile strikes on oil logistics hubs in eastern Iraq and Saudi ports, and a broader escalation between Iran and the United States.
At the same time, oil prices fell sharply the day before, with Brent slipping 4.8 % to US$84.09 a barrel as reports of de‑escalation circulated. Saudi Aramco temporarily shut its Jizan refinery, which processes 400,000 bpd, after a Houthi attack, adding to market uncertainty. Analysts also watch OPEC+ production decisions slated for October.
Indonesia’s government, represented by Investment Minister Bahlil Lahadalia, said national fuel reserves – gasoline, crude and LPG – remain above minimum levels and that subsidised fuel prices will not be raised despite global price swings. The cabinet confirmed a direct government‑to‑government oil import deal with Russia, carried out by the state‑owned Lemigas agency, as part of its strategy to strengthen energy security.
Entities: Bahlil Lahadalia · Brent crude · Indonesia · Iran · OPEC+ · Russia · Saudi Arabia · United States · West Texas Intermediate
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] Indonesia will not raise subsidised fuel prices. (b803f4cf-8acd-495a-bc6a-6cc8e0178905)
- [○ 1 SOURCE] Brent crude rose to about US$86.85 per barrel on 29 July 2026. (1ffc9a38-9436-4b6e-a30f-61054ea8ea9a)
- [○ 1 SOURCE] OPEC+ is considering a three‑month pause in its planned production increase starting October 2026. (9f3dd72e-2995-4137-94a1-1cffe768cd41)
- [○ 1 SOURCE] Brent fell to US$84.09 per barrel and WTI to US$79.26 per barrel as US‑Iran tensions eased. (9f3dd72e-2995-4137-94a1-1cffe768cd41)
- [○ 1 SOURCE] Indonesia's fuel (BBM), crude, and LPG stocks are above the national minimum level. (b803f4cf-8acd-495a-bc6a-6cc8e0178905)
- [○ 1 SOURCE] West Texas Intermediate rose to about US$82.06 per barrel on the same day. (1ffc9a38-9436-4b6e-a30f-61054ea8ea9a)
- [○ 1 SOURCE] Indonesia imports Russian crude via a government‑to‑government deal implemented by Lemigas. (b803f4cf-8acd-495a-bc6a-6cc8e0178905)
- [○ 1 SOURCE] Indonesia's fuel stocks of gasoline, crude and LPG are above the national minimum reserves. (Bahlil Lahadalia said the stocks are above minimum levels.)
- [○ 1 SOURCE] Brent crude rose 3.3 % to US$86.85 per barrel on 29 July 2026. (Price data reported in the market news article.)
- [○ 1 SOURCE] Oil prices increased after attacks involving the United States, Saudi Arabia, Iran and Houthi militants on oil facilities. (Reported by Reuters describing geopolitical strikes and market reaction.)
- [○ 1 SOURCE] Indonesia will not raise subsidised fuel prices despite global price fluctuations. (The minister confirmed no increase for subsidised gasoline and LPG.)
- [○ 1 SOURCE] Brent crude fell 4.8 % to US$84.09 per barrel on 28 July 2026 as tensions eased. (Price data reported in the market news article.)