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…