TEMPO.CO, Jakarta - Strait of Hormuz re-opening has sent the global oil price plunging below US$80 per barrel. Based on data from Trading Economics, the price of crude oil currently stands at US$69 per barrel on Thursday, June 25, 2026, while the Brent crude oil is parked at US$72 per barrel.
The Director of PT Traze Andalan Futures, Ibrahim Assuaibi, attributed the slide to the normalization of traffic in the Hormuz waterway.
"With the opening of the Strait of Hormuz, smooth transport has led to a significant drop in crude oil prices," he said in an official statement on Thursday, June 25, 2026.
The plunging global oil prices, Ibrahim went on, are also caused by an oversupply of the commodity in the market. He mentioned that the crude oil supply has increased to 103.3 million barrels from the previous 103.1 million barrels per day.
Meanwhile, demand has dropped from 100 million barrels per day to below 100 million barrels per day.
Ibrahim projected that crude oil prices could drop to US$65 per barrel next week, a condition that he expects to continue past July.
With the decrease in the global oil prices, Ibrahim suggested that the government swiftly get to lowering the price of non-subsidized fuel. "Because the price has fallen below the state budget benchmark of US$70 per barrel, despite the continued weakening of the rupiah," he said.
Read: Which Countries Depend on Middle East Oil the Most?
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