PM Orbán Calls for EU Energy Policy Shift as Middle East War Drives Up Oil Prices

“The war in the Middle East has created a completely new situation (…) Hungary will therefore officially request tomorrow that, in view of this new situation, Brussels remove from its agenda the proposal for the definitive phase-out of Russian energy sources and immediately prepare an impact assessment on the consequences of the war in the Middle East and on pan-European measures to avert the danger,” wrote Viktor Orbán on his Facebook page on Sunday.

The Prime Minister added, “The effects of the Iranian-Israeli war that broke out early Friday morning are reaching Hungary. We therefore started this morning with economic discussions and will end the day with more of the same. The situation is changing by the hour.”

The Persian Gulf’s energy resources make it (the region) vital to the global economy. Therefore, when armed conflict rages in the Middle East, economic and political risks rise immediately and are quickly reflected in global markets, he warned.

PM Viktor Orbán added that if the war spreads, energy supply routes will be threatened and prices will skyrocket.

In recent days, the price of crude oil has already risen by ten percent and natural gas by six percent on world markets. The situation is seriously affecting energy-poor and energy-intensive economies such as the European Union and Hungary, the Prime Minister noted.

It is now clear how short-sighted Brussels’ policy of sanctioning the Russian energy sector has been in recent years. This has already caused serious problems, factory closures and inflation across Europe. If Middle Eastern sources are also threatened, the European economy will be brought to its knees.”

he stated.

What is more, Brussels now wants to add insult to injury by completely banning Russian energy sources from the EU, bypassing the veto rights of member states, he emphasized, noting that this would not only violate the letter and spirit of the EU treaties, but also trample on Hungary’s rights. The Prime Minister of Hungary reminded us that Brussels bureaucrats are set to submit a proposal on this very issue for a decision tomorrow.˛

Fact

Since Friday, June 13, Iran and Israel have engaged in their most intense military exchange in decades. Israel launched a massive air and drone strike on over 100 Iranian military and nuclear targets. In retaliation, Iran fired hundreds of ballistic missiles and drones at Israeli cities like Tel Aviv and Haifa, killing at least 13 people and injuring hundreds.

Middle East Conflict Grounds Flights in Budapest