Hungary’s Orban loses election after 16 years in power

: Crude oil, Natural gas
26/04/13

Hungary's prime minister Viktor Orban has lost power after his right-wing Fidesz party suffered a landslide defeat in parliamentary elections on 12 April, according to preliminary results.

The centre-right opposition Tisza party, led by Peter Magyar, is projected to win 138 of 199 seats, securing the two-thirds majority needed to amend the constitution and repeal laws adopted under Fidesz that weakened checks and balances. Fidesz is expected to take just 55 seats, while the far-right Mi Hazank party is seen winning six.

The result marks the end of Orban's 16 years in office and could reshape Hungary's energy policy, particularly its reliance on Russian oil and gas.

Tisza has pledged to step up efforts to diversify Hungary's energy supply and eliminate what it calls the "systemic risk" of dependence on Russian imports by 2035. Hungary is one of the last EU member states still importing Russian pipeline crude and gas.

But the party does not rule out importing from Russia in future if needed. It remains unclear whether Tisza would support the EU's plan to fully phase out Russian gas imports by autumn 2027 and crude by the end of 2027.

Magyar said last month that Tisza backs construction of Hungary's planned 2.4GW Paks 2 nuclear plant, but it would review Russian contracts linked to the project. He added that the party would keep Orban's system of regulated household energy prices and ensure "affordable" energy for companies.

The election drew international attention as Orban has been a figurehead for right-wing movements globally. US president Donald Trump endorsed Orban and sent vice-president JD Vance to Budapest on 7–8 April to support his re-election campaign.

Orban has maintained friendly ties with Russian president Vladimir Putin and has repeatedly threatened to veto EU sanctions against Russia, often securing concessions or exemptions. He has also blocked a proposed €90bn EU loan for Ukraine until crude deliveries resume on the Druzhba pipeline.

Tisza will reaffirm Hungary's commitment to the EU, Magyar said on Sunday, without detailing the party's position on Russia sanctions. The party has previously said it opposes Ukraine's accelerated accession to the bloc.

By Bela Fincziczki

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

26/04/13

Crude futures jump after US declares Iran port blockade

Singapore, 13 April (Argus) — Crude futures rose by about 8pc today following the US' announcement that it will begin a blockade of Iranian ports, after talks between Washington and Tehran to end the Middle East conflict and reopen the strait of Hormuz faltered. The front-month June Ice Brent contract rose to $102.28/bl at around 11:00am Singapore time (03:00 GMT), up by 7.4pc from the close on 10 April. US benchmark WTI rose even more sharply. The front-month May contract was at $104.96/bl, a gain of 8.7pc from 10 April. The US will institute a blockade against vessels from all nations entering or departing Iranian ports, including ports on the Mideast Gulf and the Gulf of Oman, beginning at 10am ET (14:00 GMT) today, US Central Command said. US forces "will not impede freedom of navigation for vessels transiting the strait of Hormuz to and from non-Iranian ports", Central Command said. US president Donald Trump on 12 April had threatened to block passage of ships cleared by Iran and to interdict any ship in international waters that had paid a toll for exiting the Mideast Gulf. "No one who pays an illegal toll will have safe passage on the high seas," said Trump, who previously mulled joint US-Iranian control over the transit through Hormuz and access to any revenue collected from ships passing through it. The blockade was ordered after extensive talks over the weekend between US and Iranian negotiators in Islamabad, Pakistan, failed to achieve results. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US plans to blockade Iranian ports on Monday: Update

26/04/12

US plans to blockade Iranian ports on Monday: Update

Updates with details on US blockade of Iranian ports Washington, 12 April (Argus) — The US says it will begin a naval blockade of Iranian ports starting on Monday, after talks between Washington and Tehran aimed at ending the fighting in the Middle East and reopening the strait of Hormuz faltered. The US will institute a blockade against vessels from all nations entering or departing Iranian ports, including ports on the Mideast Gulf and the Gulf of Oman, beginning at 10am ET (14:00 GMT) on Monday, US Central Command said on Sunday. US forces "will not impede freedom of navigation for vessels transiting the strait of Hormuz to and from non-Iranian ports", Central Command said. US president Donald Trump earlier on Sunday had threatened to bar passage of ships cleared by Iran and to interdict any ship in international waters that had paid a toll for exiting the Mideast Gulf. "No one who pays an illegal toll will have safe passage on the high seas," said Trump, who previously mulled joint US-Iranian control over the transit through Hormuz and access to any revenue collected from ships passing through it. Ice Brent June futures jumped by around 8.8pc to $102.60/bl in early Asian trading on news of the US blockade. Separately, the US on 11 April opted not to renew a sanctions waiver that had allowed purchases of Russian crude in floating storage, a decision that could further tighten global oil supplies. Talks end without deal Trump ordered the blockade after marathon talks over the weekend between US and Iranian negotiators in Islamabad, Pakistan, failed to achieve results. US vice president JD Vance, who led the US delegation, blamed the lack of progress after 21 hours of negotiations on Iran's reluctance to renounce ambitions to develop a nuclear weapon. The Iranians refused to give up "the tools that would enable them to quickly achieve a nuclear weapon", Vance said. Tehran denies having a program to develop nuclear weapons. Tehran did not provide a specific reason for the lack of results, but Iranian parliamentary speaker Mohammad Bagher Ghalibaf, who led his country's delegation, attributed the lack of a breakthrough to the US failing "to gain the trust of the Iranian delegation in this round of negotiations". Ghalibaf, ahead of the talks, had demanded a halt in the ongoing Israeli military operations in Lebanon and progress in unfreezing Iranian assets held under a US embargo in foreign banks as a precondition for success in negotiations. The talks followed a ceasefire declared on 7 April, with Washington promising to halt its attacks on Iran while insisting Tehran reopen the strait of Hormuz. But the waterway has largely remained under Iranian control, and the few ships that have passed through it appear to have either paid an unofficial toll to Tehran — believed to be the equivalent of $1/bl for crude tankers — or to have made other arrangements with the Iranian government. At least two Chinese very large crude carriers (VLCC) appear to have transited Hormuz on Sunday. The US also accuses Iran of placing mines in at least some parts of the strait. The Pentagon said on Saturday that two US destroyers transited through the waterway into the Mideast Gulf "as part of a broader mission to ensure the strait is fully clear of sea mines previously laid by Iran's Islamic Revolutionary Guards Corps" (IRGC). Tehran asserted that it had warned the two US warships against transiting Hormuz and that further attempts would draw a military response from Iran. Iran also said that it would respond to a US naval blockade of Hormuz by encouraging Yemen's Houthis to resume attacks in the Bab al-Mandeb waterway connecting the Red Sea to the Indian Ocean, according to Iran's Tasnim news agency, which is linked to the IRGC. A skiff with armed people aboard unsuccessfully attempted to board a sailing vessel in the Red Sea, just north of the Bab al-Mandeb, the UK Maritime Trade Operations said on Saturday. What next? Neither Iran nor the US has ruled out further talks, and Iran's willingness to negotiate directly with the US leaves some hope for a negotiated outcome. The ceasefire is nominally in place until 21 April and could be extended. Ghalibaf headed a delegation that included Iranian security, diplomatic and economic officials and communicated willingness to negotiate substantive issues in a way that eluded contacts between the US and Iran since the end of former US president Barack Obama's administration. But the two sides remain far apart, and Tehran and Washington each appears to believe that it holds leverage over the other. Iran has prioritized discussion of sanctions relief and the return of its frozen assets, in addition to formalizing its control over the waterway that under international maritime law should be free for passage. The US' continued insistence on addressing Iran's nuclear program first precludes immediate results from the negotiations. It is not clear whether Iran's nuclear file was addressed in depth. While Vance brought along his national security advisers, there were no representatives from the UN nuclear watchdog the IAEA, who in the previous round of US-Iranian talks provided the technical expertise on Iran's nuclear program. Trump, who previously said that the energy price spike triggered by the war in Iran would soon ease, took a different tack over the weekend. The blockade of Hormuz is a boon for US crude exporters, he said on Saturday: "The empty ships are rushing to the United States to 'load up.'" Trump told Fox Business on Sunday that oil and gas prices "could be the same or maybe a little bit higher" by the November midterm congressional elections. Israel, which is not party to the talks, also retains its ability to influence the future course of US-Iran relations by conducting military operations in Lebanon and elsewhere in the Middle East. The US-Iran negotiations also have excluded the Mideast Gulf states, even though their economies overwhelmingly depend on the freedom of navigation through the strait of Hormuz. By Haik Gugarats, David Ivanovich and Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Saudi East–West crude pipeline back to full capacity

26/04/12

Saudi East–West crude pipeline back to full capacity

London, 12 April (Argus) — Saudi Arabia has restored full pumping capacity on the 7mn b/d East–West crude pipeline and recovered production capacity lost at the Manifa oil field following recent attacks, the energy ministry said on Sunday. Capacity on the East–West pipeline has returned to about 7mn b/d after falling by roughly 700,000 b/d following a strike on one of its pumping stations, the ministry said. Around 300,000 b/d of lost production capacity at the Manifa offshore field has also been restored. The ministry said both recoveries were achieved within a short period of time. Repair work is ongoing at the Khurais field, where production capacity was also reduced by about 300,000 b/d. The ministry said it would announce full restoration once repairs are completed. Saudi Arabia issued a statement on 9 April confirming that the East–West pipeline and the two fields, along with several refineries and port infrastructure, had been damaged in Iranian attacks. It did not disclose the timing of the strikes, but Argus understands that almost all occurred after the announcement of the US–Iran ceasefire on 7 April. The two-week ceasefire remains in place for now, although peace talks in Pakistan this weekend ended without agreement. The East–West pipeline carries crude from Saudi Arabia's eastern fields to the Red Sea port of Yanbu and has become the kingdom's main export route since flows through the strait of Hormuz were effectively blocked. The pipeline had reached full capacity of around 7mn b/d in late March. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US inflation quickens to 3.3pc in March, gasoline soars

26/04/10

US inflation quickens to 3.3pc in March, gasoline soars

Houston, 10 April (Argus) — US inflation surged to an annual 3.3pc in March, lifted by higher war-driven energy costs, including the largest monthly gain for gasoline on record. The consumer price index rose at the fastest pace since mid-2024, climbing from 2.4pc in the 12 months through February, according to the Bureau of Labor Statistics (BLS). The gain was in line with estimates of economists surveyed by Trading Economics. Energy rose to an annual 12.5pc in March compared with a 0.5pc annual gain in February. The 10.9pc monthly gain in energy was the largest for a single month since September 2005. Gasoline surged by an annual 18.9pc in March after falling by 5.6pc in February. Gasoline's monthly gain was 21.2pc, the largest monthly gain since records began in 1967, according to BLS. Fuel oil rose by 44.2pc in March from a year earlier, following a 6.2pc annual gain in February. The 30.7pc monthly gain in fuel oil was the highest monthly gain since February 2000, according to BLS. Energy services rose by an annual 5pc in March compared with a 6.3pc gain in February. Electricity rose by 4.6pc compared with a 4.8pc gain in February. Airline fares rose by 14.9pc following a 7.1pc gain the prior month. Core drop, flat Fed rate still expected So called core inflation, which strips out more volatile food and energy, rose by 2.6pc compared with a 2.5pc gain the prior month. "Looking ahead, core CPI inflation still looks set to fall this year, now that nearly all the tariff costs have been passed through to consumer prices, unit labor costs are rising at a sub-2pc pace, and new rents are essentially flat," Pantheon Macroeconomics said in a note. Fed funds futures suggest the Federal Reserve is likely to keep its target rate unchanged at 3.5-3.75pc through the end of the year, with about a 24pc probability of one quarter-point rate cut by December and just a 1.1 point chance of a rate hike. Services less energy services, considered core energy services, rose by 3pc compared with a 2.9pc gain the prior month. Medical care services rose by 3.7pc following a 4.1pc annual gain. Food rose by an annual 2.7pc following a 3.1pc gain. Meat rose by 6.8pc, down from 8.6pc. Shelter rose by 3pc, unchanged from the prior month. New vehicles rose by 0.5pc while used vehicle prices fell by 3.2pc in March from a year prior, both unchanged from a month earlier. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Attacks shut Saudi Satorp refinery units: TotalEnergies

26/04/10

Attacks shut Saudi Satorp refinery units: TotalEnergies

Dubai, 10 April (Argus) — TotalEnergies said on Friday that one of two processing trains at the 460,000 b/d Satorp refinery in Saudi Arabia was damaged in an "overnight incident" on April 7-8, prompting a precautionary shutdown of units at the site. TotalEnergies, which operates Satorp in a 37.5-62.5 venture with Saudi state-controlled Aramco, disclosed the damage a day after Riyadh said Iranian attacks had hit key energy facilities in the country including the refinery. The Saudi statement did not specify when the incident at Satorp occurred or how extensive the damage was. The details have emerged after a ceasefire between the US and Iran that should end nearly six weeks of attacks on energy facilities across the Mideast Gulf region. Elsewhere in the region, TotalEnergies said its production in Qatar, Iraq and offshore UAE had been shut or was in the process of being shut down, representing around 15pc of the company's total output. Those disrupted volumes are tied to some of the company's key partnerships in the region, including LNG and upstream ventures with state-owned QatarEnergy, Iraq's Basra Oil (BOC) and oil concessions with state-owned Adnoc in the UAE. TotalEnergies' onshore UAE production, equivalent to about 210,000 b/d net to the company, is unaffected, it said. The company said the disrupted Middle East output accounts for around 10pc of its global upstream cash flow, but said higher prices would cushion the effects of the disruptions. TotalEnergies said an $8/bl rise in Brent from its base-case assumption of $60/bl would be enough to offset the expected 2026 cash-flow loss from its Iraq, offshore UAE and Qatar assets. It also said the effect of LNG production shutdowns in Qatar on its trading business would be limited to around 2mn t in 2026, because most Qatari LNG is marketed by QatarEnergy. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more

Hungary’s Orban loses election after 16 years in power

Related news posts

Crude futures jump after US declares Iran port blockade

Crude futures jump after US declares Iran port blockade

US plans to blockade Iranian ports on Monday: Update

US plans to blockade Iranian ports on Monday: Update

Saudi East–West crude pipeline back to full capacity

Saudi East–West crude pipeline back to full capacity

US inflation quickens to 3.3pc in March, gasoline soars

US inflation quickens to 3.3pc in March, gasoline soars

Attacks shut Saudi Satorp refinery units: TotalEnergies

Attacks shut Saudi Satorp refinery units: TotalEnergies

Argus Crude Outlook

Argus Crude Outlook

Argus Refinery Gate Values: A crucial piece of the crude supply chain puzzle

Argus Refinery Gate Values: A crucial piece of the crude supply chain puzzle

Argus Refinery Gate Values

Argus Asia Crack Spread Forward Curves

Argus Carbon

Business intelligence reports