As the war between the U.S. and Israel against Iran enters its second week, with the conflict now affecting countries and critical infrastructure related to oil production and transportation, global oil prices are surging sharply. Although the soaring oil prices have retreated from overnight highs, few other indicators alarm people as quickly as rising oil prices. Before the price drop, it was reported that the U.S. and other major powers were considering using oil reserves to curb the price surge. However, on Monday morning, the French government changed its stance, stating that the G7 "has not reached that point yet," adding more uncertainty to the situation. The global economy remains tense, and the "grace period" previously given to Trump has now completely ended. Meanwhile, the actual impact is already clear: on Monday, U.S. gasoline prices rose again, reaching $3.48 per gallon—a 17% increase since the first attacks, reaching the highest level since 2024. As markets begin to realize that this war is no longer a brief confrontation between the U.S., Israel, and Iran, the Dow Jones, S&P 500, and Nasdaq indices all fell sharply on Monday morning, but later rebounded following rumors that Trump would end the war.
Hungarian Prime Minister Orbán announced on Monday that the Hungarian government will impose price caps on gasoline and diesel at gas stations starting at midnight local time on Monday. The price cap for gasoline is set at 595 forints per liter (approximately $1.75), and for diesel, it is 615 forints per liter (approximately $1.81). This price control applies only to vehicles with Hungarian license plates and Hungarian registration documents. Hungary will also use its own oil reserves to ensure adequate supply. At the same time, Orbán is pushing the EU to lift sanctions against Russia to increase Russian oil exports and ease market concerns about rising oil prices. Hungary will hold elections next month, and Orbán's populist government is currently facing a serious challenge from a center-right opponent.
Meanwhile, the Trump administration continues to push for expansion of Venezuela's energy sector, lobbying oil companies to increase investment, but in the current market environment, companies' concerns about uncertainty and return on investment will not be alleviated. Trump is also considering lifting oil export sanctions on some countries to ease pressure.
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Original article: toutiao.com/article/1859247781556425/
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