Oil prices are rising sharply due to tensions in the Middle East and Ukraine's oil blockade, Prime Minister Viktor Orban pointed out in his morning post, announcing that he had called an extraordinary meeting to discuss the protection of Hungary's energy security.
Oil price surge – This is what Ukraine's oil blockade and the Middle East situation have caused,
Viktor Orban wrote on his social media page.
The Prime Minister emphasized:
Our priority is Hungary’s energy security. I have convened the Defense and Energy Security Council.
Further details will be provided soon, PM Orban indicated.
Hungary's Prime Minister took to social media after significant price increases began on the international oil market. Analysts had already warned on the first day of the strikes by the United States and Israel against Iran that tensions in the Middle East could have a serious impact on energy prices.
The price of Brent crude, the benchmark on the global market, has since reached and even exceeded the level of 100 dollars per barrel.
Market uncertainty has also increased after Iran appointed a new supreme leader, which has further heightened tensions surrounding energy policy prospects.
Due to the current situation, the Hungarian government is treating the issue of energy security as a top priority. The Prime Minister pointed out that this is also why plans urging to phase out Russian energy sources in Hungary are particularly risky. The government’s position is that such steps could jeopardize the country’s stable energy supply.
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