The escalating conflict between the United States (US) and Iran has driven movements in oil and gas (O&G) stocks. Meanwhile, rising geopolitical risks have pressured the Jakarta Composite Index (JCI), leading to a correction. Based on market data up to the first trading session today, Monday (2/3/2026), the JCI fell 1.60% or 131.77 points to 8,103. A total of 682 stocks were in negative territory, 113 advanced, and 163 remained unchanged.

Amid declines across all sectoral indices, IDXENERGY was the only sector to post gains, rising 1.60% or 66.78 points to 4,247. Shares of companies in the O&G subsector moved higher in unison. For example, PT Medco Energi Internasional Tbk. (MEDC) climbed 5.80% to Rp1,825, reflecting a 35.69% year-to-date (YtD) increase. PT Energi Mega Persada Tbk. (ENRG) surged 14.20% to Rp2,010, up 25.62% YtD. Meanwhile, PT Elnusa Tbk. (ELSA) rose 7.65% to Rp915, marking an 83.73% YtD gain.

Shares of PT Rukun Raharja Tbk. (RAJA), affiliated with Happy Hapsoro, also advanced 5.56% to Rp4,750. The gain in the first session helped support RAJA’s performance, which has still declined 22.13% YtD since the start of the year.

Meanwhile, shares of downstream O&G and fuel trading company PT AKR Corporindo Tbk. (AKRA) increased 2.70% to Rp1,330, bringing its YtD gain to 5.56%. In the O&G shipping services segment, PT Longindo Samudramakmur Tbk. (LEAD) rose 6.63% to Rp117, up 14.94% YtD. PT Wintermar Offshore Marine Tbk. (WINS) gained 1.82% to Rp560, reflecting a 4.67% increase since the beginning of the year.

Imam Gunadi, Equity Analyst at PT Indo Premier Sekuritas (IPOT), stated that escalating tensions in the Middle East, combined with shifting US trade policies and warnings from credit rating agencies regarding Indonesia’s fiscal pressure, have created a mix of issues prompting caution in both global and domestic financial markets. In his weekly research on Monday (2/3/2026), he noted that the intensifying Middle East conflict, particularly involving Iran and the potential disruption of the Strait of Hormuz—which accounts for around 20–25% of global oil distribution—makes the energy and commodity sectors the most sensitive to monitor.

He added that if supply disruption risks persist, crude oil prices could rise, benefiting coal and O&G issuers through higher average selling prices (ASP). However, such increases could weigh on energy-intensive sectors such as aviation and fuel-import-based manufacturing industries. Higher risk premiums also typically drive gold prices upward, potentially benefiting gold and precious metal mining companies amid global uncertainty.

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