TEMPO.CO, Jakarta - Indonesian President Joko Widodo or Jokowi was worried about the sharp increase in global oil prices amid the Palestine-Israel situation and the war between Russia and Ukraine.

"I checked yesterday and the [global oil] price for Brent was still at US$80, but if [the conflict] spreads, we have no way of knowing if it could reach US$150," he said during BNI Investor Daily Summit 2023 in Jakarta today.

According to the president, the jolt in prices would be possible if the conflict speeds to other countries, such as Lebanon or Syria.

Citing Reuters, the global oil prices on Tuesday recovered the previous day's losses, where investors were concerned about potential supply disruptions.

Brent crude oil prices increased 57 cents or 0.6 percent to US$90.40, while West Texas Intermediate crude oil prices increased 54 cents to US$86.03 per barrel.

"The market is up on an adjustment after a drop in the past two sessions and on nagging fears of possible supply disruptions in the Middle East," said an economist from Nomura Securities Yuki Takashima, quoted by Reuters.

Earlier, both benchmarks fell more than 2 percent on Monday as diplomatic efforts in the Middle East, the world’s biggest oil-supplying region, intensified to contain the conflict between Israel and Hamas, easing investor worries about supply disruptions.

"We expect WTI to move within the $80-$90 range for a while, with all eyes on the situation in Israel and Gaza, OPEC production, and the pace of demand recovery in China,” Takashima said.

RIRI RAHAYU

Editor's Choice: Indonesia Launches Crude Palm Oil Futures Exchange

Click here to get the latest news updates from Tempo on Google News