Jakarta.  Indonesia’s benchmark index extended its rally on Wednesday morning, climbing 75 points, or 0.98%, to 7,750 at the open, tracking improving global sentiment on renewed US–Iran diplomacy and easing oil prices, alongside plans to explore cheaper Russian crude imports.

Jakarta Composite Index (JCI) stayed in positive territory, moving within the 7,748–7,773 range in early trade.

Data from RTI showed around 2 billion shares changed hands in the opening minutes, with total transaction value reaching Rp 1.65 trillion ($96.3 million) across 142,592 trades. Gainers outpaced losers, with 376 stocks advancing, 96 declining, and 205 unchanged.

Global equities rallied as optimism grew over potential progress in US–Iran talks, while oil prices slipped back below the $100 per barrel level. Indonesia is also exploring the purchase of Russian crude, while Finance Minister Purbaya Yudhi Sadewa is conducting an investor roadshow in the United States.

Kiwoom Sekuritas Indonesia said global market sentiment improved following indications of renewed diplomatic engagement between Washington and Tehran, with the possibility of further talks taking place in Pakistan in the near term.

“Iran has reportedly contacted the White House to open the door for a potential agreement, with key US demands including a 20-year halt to uranium enrichment and the reopening of the Strait of Hormuz,” the brokerage said.

Despite the diplomatic signals, tensions remain elevated. The US has maintained a military blockade around Iranian ports and the Strait of Hormuz, deploying more than 10,000 personnel along with a naval fleet, tightening global energy supply. In the first 24 hours, no vessels were reported to have successfully crossed the blockade. Iran condemned the move as an act of aggression, while Saudi Arabia warned of possible disruptions to global shipping routes.

On Wall Street, the S&P 500 rose 1.2%, building on the previous session’s gains and sitting just 0.2% below its January record. The Dow Jones Industrial Average added 317 points, or 0.7%, while the Nasdaq Composite jumped 2%, mirroring gains across global markets as backchannel diplomacy continued.

From the US domestic front, small business sentiment dropped to its lowest level in 11 months, while the uncertainty index surged, reflecting pressure from elevated energy prices. The International Monetary Fund (IMF) has also trimmed its global growth forecast to 3.1%, underscoring the broader economic impact of the conflict.

In Indonesia, rising global oil prices, hovering in the $90–$100 per barrel range amid the US–Iran tensions and supply disruptions, have prompted the government to explore energy cooperation with Russia. The plan focuses on refinery development, crude trading, and energy technology partnerships.

“Indicatively, Indonesia is expected to obtain Russian oil at around $59 per barrel, or approximately $76.7–$80 per barrel after logistics costs. Pertamina has stated that domestic refineries are technically capable of processing the crude in line with government directives,” Kiwoom said.

As part of efforts to maintain external stability and attract capital inflows, Purbaya is holding meetings with global investors in New York and Washington, D.C., including HSBC Global Asset Management, Lazard Asset Management, BlackRock, Lord Abbett, and TD Asset Management.

Across Asia, markets also moved higher as of 9:20 a.m. Jakarta time. Japan’s Nikkei gained 0.66% to 58,256, South Korea’s Kospi surged 2.88% to 6,141, Hong Kong’s Hang Seng rose 1.22% to 26,188, and China’s Shanghai Composite added 0.54% to 4,048.

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