Fuel Prices Rise: Hungary Also Feels the Effects of the Iran Conflict

Oil supplies from the Middle East have come under severe pressure due to the ongoing conflict in Iran. The economic impact of the conflict has also reached Hungary, with wholesale prices for gasoline and diesel set to rise from Wednesday.

The Iranian regime vowed revenge after Ali Khamenei, Iran’s supreme leader, was killed in the American-Israeli air strikes last Saturday. The conflict in the Middle East has since escalated, with Iran targeting not only Israel but also the Persian Gulf states and American military targets in Cyprus.

Photo: Wikimedia Commons/Public Domain

Donald Trump warned Tehran that Washington could respond with an “unprecedented strike” and that the conflict could last up to a month. The uncertainty is already being felt on international markets, particularly in the energy sector.

Oil supplies from the Middle East’s most important producing region have come under pressure due to the possibility of the conflict dragging on.

The region supplies about 20% of the world’s oil, so the threat and uncertainty surrounding transport routes are enough to cause a sharp rise in prices.

The price of Brent crude oil has risen to around $70 per barrel in recent weeks, its highest level since August 2025, and even exceeded the $80 mark Tuesday morning.

Hungary is also feeling the economic impact of the Iran conflict, and fuel prices will rise significantly from Wednesday.

The wholesale price of gasoline will increase by 5 forints gross, and that of diesel by 9 forints gross.

According to the forecast by holtankoljak.hu, the average price for 95-octane gasoline is expected to rise to 570 forints (1.47 EUR, 1 EUR=387 HUF) per liter from March 4, while the price of diesel will rise to 603 forints. The price increase is due to the rise in the price of Brent crude oil and the weakness of the forint against the dollar.

Viktor Orbán with Zsolt Hernádi at the Százhalombatta oil refinery on February 28, 2026. Photo: MTI/Miniszterelnöki Kommunikációs Fõosztály/Kaiser Ákos

The global market price for diesel has risen significantly due to the conflict in Iran. Zsolt Hernádi, CEO of MOL, spoke on the ATV television program “Egyenes beszéd” (Straight Talk) about how the price of crude oil had risen by more than 10% within a month, with the war in Iran having a direct and spectacular impact on the diesel market.

Since around 20% of global diesel trade enters the international market via the Strait of Hormuz, the uncertainty in the region led to a 16% price increase on Monday compared to Friday’s prices. When asked whether there could be supply shortages in Hungary, Hernádi replied that price is only a problem when there is no product available.

He currently considers the risk of a price increase to be more realistic, as several factors of uncertainty are at play simultaneously, including the risks associated with the Druzhba oil pipeline, the capacity of the southern pipeline, and the quantity and price of diesel. The coming weeks could therefore be decisive not only from a geopolitical perspective, but also from an economic one.

Fuel Prices in Comparison with Neighboring Countries and the Region