WorldPosted at: Jun 23 2025 10:19PM


Hungarian Finance Minister Marton Nagy warns of serious risks from ongoing Israel-Iran conflict

Budapest, June 23 (UNI) Hungary's Minister for National Economy Marton Nagy has warned that the rising tensions between Israel and Iran could pose serious economic and security risks for Europe, particularly through disruptions to energy supply, global trade routes, and regional stability.

In a statement sent to Xinhua on Monday, Nagy said the potential closure or obstruction of the Strait of Hormuz - a key transit point for about one-fifth of global oil production - could lead to sharp increases in energy prices and supply disruptions.

He added that critical oil and gas infrastructure in countries such as Saudi Arabia, Qatar, Kuwait, Iraq, and the United Arab Emirates may also be at risk.

Nagy noted that increased military activity and potential blockades near the Bab el-Mandeb Strait and the Suez Canal could severely affect shipping routes between Asia and Europe.

This could disrupt supply chains, raise transportation costs, and drive inflation across the continent. He further warned that any escalation of the Israel-Iran conflict could destabilise the Middle East, potentially triggering a new wave of migration toward Europe and heightening the risk of terrorism. UNI/XINHUA ANV SSP
Tags: #Hungarian Finance Minister Marton Nagy warns of serious risks from ongoing Israel-Iran conflict
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