Jakarta (ANTARA) - Indonesia’s Energy Ministry set the average Indonesian Crude Price (ICP) for April 2026 at US$117.31 per barrel, up US$15.05 from March, citing escalating geopolitical tensions and risks of global supply disruptions.

Energy Ministry Oil and Gas Director General Laode Sulaeman said on Tuesday that disruptions in the Strait of Hormuz, US actions against Iranian ports, and attacks on Middle East energy infrastructure pushed prices higher.

He said stronger Chinese economic growth also supported global oil demand, after China’s economy expanded 5 percent year-on-year in the first quarter of 2026.

Sulaeman said oil prices could still face pressure from geopolitical uncertainty, although several factors may limit further increases in coming months.

Those factors include a projected decline of five million barrels per day in global oil demand during the second quarter of 2026 and possible renewed diplomatic talks between Iran and the United States.

“The government will continue closely monitoring global oil market developments to safeguard national energy security and maintain domestic energy supply stability,” Sulaeman said.

The ministry said the average ICP rose to US$117.31 per barrel in April from US$102.26 per barrel in March.

Benchmark Brent crude on ICE increased to US$102.46 per barrel in April from US$99.60 in March, while US West Texas Intermediate crude climbed to US$98.06 from US$91.00.

Dated Brent rose to US$120.55 per barrel from US$103.89, while the OPEC Basket fell to US$108.55 per barrel from US$116.36 as of April 29, 2026.

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