March 10, 2026 | 10:24 pm
TEMPO.CO, Jakarta - Minister of Energy and Mineral Resources Bahlil Lahadalia urges Indonesians to remain calm and not to "panic buy" fuel amidst the swinging oil prices triggered by the war initiated by the US and israel.
"I advise and urge [Indonesians] not to engage in panic buying as our fuel supply remains sufficient," says Bahlil at the Presidential Palace in Jakarta on Tuesday, March 10, 2026.
According to Bahlil, Indonesia retains 21 to 25 days' worth of oil reserves that will continue to be replenished if they go down. The domestic oil industry keeps running, he says, while oil imports are not facing any hurdles.
The war in the Middle East, Bahlil adds, has limited impact on the domestic oil supply, since Indonesia only imports crude oil from the Gulf region.
"We import oil from Southeast Asian countries and also produce oil domestically. So, there is no need for panic buying," says the Golkar Party chair.
The closure of the Strait of Hormuz in the Persian Gulf due to the United States and Israel's war against Iran has resulted in a surge in global oil prices. The conflict in the region has now entered its 11th day.
Reported by Sputnik, the price of Brent crude oil briefly reached US$118 per barrel for the first time since June 17, 2022. This figure is higher compared to the average oil prices in January 2026, with Brent (ICE) at US$64 per barrel and US WTI at US$57.87 per barrel.
On Tuesday, March 10, 2026, the price of Brent crude oil briefly dropped to US$92.45 per barrel. The decrease occurred after US President Donald Trump said that the war in the Middle East would soon end.
In the conflict between the US-Israel alliance and Iran, military attacks have taken place in several regions, including central Iran and Beirut. The situation escalated further as the vital energy trade route, the Strait of Hormuz, was reported to still be effectively closed. This route is known to be the passage for around one-fifth of the global oil distribution.
The closure of this strategic route also forced several oil producers in the Persian Gulf region, including Saudi Arabia, to reduce production. This condition raised concerns about global energy supply and prompted investors to shift to hedging assets such as gold.
Nandito Putra contributed to the writing of this article
Read: Iran Vows to Continue Oil Blockade Until US-Israel Attacks End
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