March 23, 2026 | 10:23 am
TEMPO.CO, Jakarta – Global oil prices are expected to remain elevated as the war involving the United States and Israel against Iran intensifies, raising concerns over higher transportation costs and inflationary pressure in Indonesia.
Citing data from Trading Economics, Brent crude futures climbed to US$112 per barrel on Sunday, March 22, 2026, marking a 56.93 percent increase over the past month.
Meanwhile, West Texas Intermediate (WTI) crude futures rose to US$98 per barrel, up 48.14 percent from the previous month.
Ibrahim Assuabi, a currency and commodities analyst and director of PT Traze Andalan Futures, said WTI crude prices are likely to remain volatile this week, with support at US$93 per barrel and resistance at US$107 per barrel.
Brent crude is also expected to stay high, trading in the range of US$110 to US$116 per barrel, he said in an official statement on Sunday, March 22, 2026.
“What is clearly visible is the sharp rise in Brent crude,” Ibrahim said, noting that Iran is one of the world’s major crude oil producers.
The surge in oil prices could drive up aviation fuel costs, potentially increasing airfares and adding pressure to inflation.
Ibrahim said the conflict shows no signs of easing, as missile strikes by Israel and the United States reportedly killed Iranian leaders, while Iran retaliated by targeting U.S. and Israeli facilities across the Middle East.
“This is what has caused oil and natural gas prices to rise, and the increase is likely to continue for some time,” he said.
To mitigate the impact of rising global oil prices, the Indonesian government is planning to introduce a work-from-home (WFH) scheme.
Under the proposal, employees would work remotely one out of every five working days, with the policy applying to both civil servants and private-sector workers.
The government expects the WFH measure to help reduce fuel consumption amid mounting energy price pressures.
Read: Strait of Hormuz: A Critical Chokepoint in the Global Energy System
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