Jakarta. The Indonesia Commodity & Derivatives Exchange (ICDX) has recorded a surge in crude oil futures transactions since the Iran war erupted. Throughout March 2026, transactions in the COFU10 crude oil futures contract reached 648 lots, a significant increase from 12 lots in February 2026 and 4 lots in January 2026.

COFU10 is a crude oil futures contract representing 10 barrels per lot. The type of crude oil used in this futures contract is West Texas Intermediate (WTI), a light and sweet crude oil, which is a major global oil price benchmark.

"The surge in crude oil futures transactions, particularly COFU10, demonstrates the high interest of business players in hedging this commodity. As we know, the crisis in the Middle East has significantly impacted the global energy market, particularly crude oil. In situations like this, hedging can mitigate the risks arising from price fluctuations in the physical (spot) market,” ICDX Director Nursalam said.

ICDX also facilitates multilateral transactions that business players can utilize to hedge several commodities, such as currencies and gold.

“As an exchange, we will continue to develop futures contracts according to the needs of business players,” Nursalam said.

Girta Yoga, the commodity analyst in the research and development department at ICDX, said that crude oil prices remain strong enough to move in a bullish trend in the short term as the Middle East geopolitical risks have not shown sign of abating.

“The war has dealt a direct impact on supply disruptions in the global market due to mutual blockades in vital shipping lanes, particularly the Strait of Hormuz, which contributes to approximately 20% of global energy supply,” Girta Yoga said.

ICDX also pays attention to othe indicators, including the US-Iran ceasefire talks, developments in the Israel-Lebanon conflict, OPEC+ output policies, and demand growth in major importing countries such as China and India. 

“The closest short-term resistance level is likely to be around $95-100 per barrel. If negative catalysts arise, prices could potentially fall to reach support levels in the $80-75 per barrel range," Girta Yoga said.