Brent crude, the global oil benchmark, slipped to $104.77 a barrel on Friday after hitting $108 on Thursday, its highest level since May 19 and its biggest one-day jump in six weeks.
Oily business: Chevron Indonesia Company operates an offshore platform in Sepinggan field in the Makassar Strait, 37 kilometers east of Balikpapan, East Kalimantan, on April 23, 2019. Oil and gas will likely remain strategic for Indonesia despite the global commitment to net-zero emissions. (JP/Novi Adri)
The government said it could keep subsidized fuel prices unchanged and absorb higher energy costs as oil topped US$100 a barrel this week, amid fears that renewed fighting around the Strait of Hormuz and Red Sea could prolong supply disruptions.Brent Crude, the global oil benchmark, slipped to $104.77 a barrel on Friday after hitting $108 on Thursday, its highest level since May 19 and its biggest one-day jump in six weeks.
Finance Minister Purbaya Yudhi Sadewa said on Thursday that the state budget “still had enough room” to withstand higher oil prices and that the government had no plans to increase its energy subsidy allocation despite the surge in global crude prices.
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