Oil Prices Surge to Nearly $90 Amid Geopolitical Tensions

Global oil prices have risen to around $90.41 per barrel as of August 31, 2026, due to geopolitical tensions and supply disruptions.

The uncertainty in the Middle East, particularly the potential disruptions to shipping through the Strait of Hormuz, has raised concerns that less oil could reach global markets.

Despite a decline in global oil demand by around 1 million to 1.6 million barrels per day, mainly due to weaker oil imports by China, the concerns over supply disruptions can push prices higher.

In Indonesia, higher global crude prices do not automatically mean that all fuel prices will rise immediately.

Prices for non-subsidized fuels such as Pertamax are influenced by global crude prices as well as other components used to calculate their economic cost.