Jakarta. Jakarta Composite Index (JCI) opened higher on Wednesday as global oil prices cooled from recent spikes amid uncertainty over the ongoing US-Israel conflict with Iran.

The benchmark index rose 44 points, or 0.58%, to 7,484 at the start of trading.

Within the first 13 minutes, RTI data showed trading volume reaching 4 billion shares with turnover of Rp 1.87 trillion ($110.88 million) across more than 228,000 transactions. A total of 417 stocks advanced, 133 declined, and 147 were unchanged.

Global markets remained focused on developments in the conflict involving the United States, Israel, and Iran, along with concerns over potential disruptions to global energy supply.

Wall Street closed relatively steady on Tuesday as investors awaited clearer signals on the duration of the conflict. The S&P 500 slipped 0.2%, the Dow Jones Industrial Average lost 34 points or 0.1%, while the Nasdaq Composite edged up by less than 0.1%.

Oil prices remained volatile but stayed well below their earlier peak this week. Brent crude settled at $87.80 per barrel, down 11.3% from the previous day’s settlement. Much of the decline had already occurred on Monday before US markets closed, limiting its positive impact on equities during Tuesday’s session.

Prices had earlier surged to nearly $120 per barrel, the highest level since 2022, amid fears the conflict could disrupt energy shipments through the Middle East.

US President Donald Trump initially suggested the conflict could soon end, telling CBS News that “the war is very complete, pretty much,” raising hopes that oil flows from the region could normalize.

However, the situation remained uncertain after Iran’s Revolutionary Guard signaled that “Iran will determine when the war ends.” Iran reportedly launched new attacks Tuesday targeting Israel and Gulf Arab countries.

Trump also warned against any disruption to oil shipments through the Strait of Hormuz.

“If Iran does anything that stops the flow of oil within the Strait of Hormuz, they will be hit by the United States of America twenty times harder than they have been hit thus far,” Trump wrote on social media.

About one-fifth of global oil shipments typically pass through the strategic waterway, making it a key driver of recent volatility in energy markets.

“The outlook for oil right now is about as binary as it gets,” said Hakan Kaya, senior portfolio manager at Neuberger Berman.

“Either the Strait of Hormuz reopens and you see a massive unwind of the risk premium, or it stays shut and we are looking at the largest supply disruption in modern history. There is no middle ground, and that is why putting a number on it is almost irresponsible,” he added.

On the domestic front, Kiwoom Sekuritas Indonesia said Indonesia’s consumption outlook remains solid ahead of Ramadan.

Retail sales in January grew 5.7% year-on-year but contracted 2.7% month-to-month following normalization after the Christmas and New Year holiday period. Bank Indonesia expects stronger demand in February, projecting the retail sales index to reach 233.5, up 6.9% annually, supported by Ramadan spending and preparations for Eid al-Fitr.

Moreover, Indonesia’s International Investment Position recorded a net liability of $272.6 billion in the fourth quarter of 2025, rising from $261.8 billion previously due to foreign inflows into portfolio and direct investment. The ratio to GDP remained manageable at 18.8%, with long-term instruments accounting for 93.2% of the liability structure.

In the energy sector, the Indonesian Crude Price rose to $68.79 per barrel in February from $64.41 previously, reflecting geopolitical risks and tighter global supply. The government has assured that subsidized fuel prices will remain unchanged until Eid, with national fuel and LPG supplies considered secure.

Kiwoom also warned that market volatility could persist this week.

“Volatility will remain high throughout this week, especially ahead of the Idul Fitri long holiday which will start next week on March 18. Seasonal selling to secure portfolios from uncertainty factors during the holiday is the reason for the erratic market movement,” the brokerage said in a research note.

Consumer demand for durable goods also showed improvement. February car sales rose in double digits, with wholesales reaching 81,159 units, up 12.2% year-on-year, while retail sales climbed 11.9% to 78,219 units.

Across Asia, markets moved higher in early trading. As of 9:16 a.m. Jakarta time, Japan’s Nikkei surged 2.12% to 55,399 and South Korea’s Kospi jumped 3.38% to 5,719. Hong Kong’s Hang Seng Index added 0.13% to 25,993, while China’s Shanghai Composite slipped 0.12% to 4,118.