TEMPO.CO, Jakarta - Indonesian President Prabowo Subianto convened a meeting with several ministers at the Presidential Palace in Jakarta on Monday, March 2, 2026, to discuss the potential economic and energy impacts of the ongoing conflict between Iran, Israel, and the United States.
Cabinet members in attendance included Energy and Mineral Resources Minister Bahlil Lahadalia and Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan.
Upon arriving at the palace, Minister Bahlil indicated the meeting was prompted by the escalating geopolitical situation.
"It might be related to the current geopolitical situation," he said. He specifically highlighted concerns over the closure of the Strait of Hormuz by Iran, a key chokepoint in global oil supply.
"Because in any case, we are still importing oil before Eid," Bahlil noted.
He added that he would meet with the National Energy Council to discuss mitigation strategies for a potential prolonged closure of the Hormuz Strait.
"Tomorrow, I will have a meeting with the National Energy Council, after which I will present the analysis and study results from the council," Bahlil said.
Coordinating Minister Luhut Binsar Pandjaitan said the meeting focused on anticipating the broader consequences of a war in the Persian Gulf, particularly its impact on food and supply chains in the Middle East.
"Anticipating the post-war food sector in the Middle East," he explained upon arrival.
The meeting comes as world oil prices surged again on Monday, following the escalation of hostilities in the region. The price spike was compounded by Iran’s Islamic Revolutionary Guard Corps (IRGC) closing the strategic Hormuz Strait, a vital artery for global oil trade.
According to Trading Economics, Brent crude oil jumped as much as 12 percent, reaching US$78.2 per barrel at Monday’s market open, up from US$72.8 at the close on February 28.
West Texas Intermediate (WTI) crude also rose sharply to US$71.9 per barrel, compared to US$67.2 at the same closing date.
Tensions escalated after the United States and Israel carried out a joint strike against Iran on Saturday, February 28, reportedly killing Iran's Supreme Leader, Ayatollah Ali Khamenei, according to U.S. President Donald Trump.
In retaliation, Iran launched missile and drone attacks targeting Israel and multiple U.S. military bases across the Middle East.
The conflict shows no sign of easing. As reported by the Daily Mail on March 2, 2026, Trump indicated that a potential war with Iran could extend for up to four weeks, raising global concerns about energy security and regional stability.
Ilona Estherina contributed to the writing of this article.
Read: Indonesia's Export-Import Flows with Hormuz Strait Nations Explained
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