Brent Crude Hits $141 Amid Hormuz Blockade: Romania Cuts Diesel Excise While Hungary Demands Return to Russian Oil — NRG-IA

Record Quotes and the Specter of the 1973 Crisis The global energy market is experiencing a moment of extreme volatility. The spot price of Brent crude has surpassed the $141 per barrel threshold, marking the highest level since 2008. According to market data, this sudden escalation is a direct reaction to the imminent risk of a blockade in the Strait of Hormuz—a crucial chokepoint for global oil transit—amid the conflict with Iran. The gravity of the situation was underscored by the CEOs of some of the world's largest oil and gas companies. They warned that a prolonged blockade of the strait could have devastating consequences for global supply, comparing the current crisis to the 1973 Arab oil embargo, an event that redefined the global energy architecture. European Fractures: The Case of Hungary Faced with the threat of fuel shortages and a potential global recession, European solidarity is being tested. The government in Budapest has adopted a divergent stance from the bloc's energy policy. Hungarian Foreign Minister Peter Szijjarto publicly urged the European Commission to allow the return of cheap Russian oil and gas to the European market. "Dan Jorgensen is certainly good at something, but it's not energy," Szijjarto stated on Friday, mocking the new European Commissioner for Energy and criticizing the current direction of Brussels' policies. Romania's Strategy: Fiscal Interventions and Refinery Security Domestically, the Romanian Government is attempting to absorb the shock of international quotes through fiscal measures. Prime Minister Ilie Bolojan confirmed the Coalition's decision to reduce the excise duty on fuel. In the first phase, the executive will focus on diesel, arguing that this is where the largest price increases occurred and that this type of fuel accounts for 70% of national consumption. However, the implementation of these fiscal measures is facing technical difficulties. Tax consultants have warned that an ambiguity in the text of the ordinance regarding the excise reduction, which introduces a surtax for crude and LPG producers, could unintentionally hit companies bottling LPG cylinders, paradoxically leading to price hikes for household consumers. Regarding the physical security of supply, former President Traian Băsescu stated that Romania has the capacity to avoid a fuel shortage, having access to alternative crude oil purchasing routes. "The problem is for the refineries to function," he emphasized. Băsescu pointed out that Romania's greater vulnerability currently lies in electricity production, criticizing the premature closure of certain coal-fired generation units. Efforts to stabilize energy and fuel prices are also continuing at the diplomatic level, with PM Bolojan recently holding a meeting with Apostolos Tzitzikostas, the European Commissioner for Sustainable Transport, to discuss the impact of energy costs on transport networks. Acest articol a fost generat cu asistența Aurora AI și verificat editorial.