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The Star
2 hours ago
- The Star
Hungarian opposition leader accuses Russia of political interference
FILE PHOTO: Peter Magyar, leader of the opposition Tisza party, looks on at a party rally in Szekesfehervar, Hungary, July 26, 2025. REUTERS/Marton Monus/File Photo BUDAPEST (Reuters) -Opposition leader Peter Magyar accused Russia on Thursday of interfering in Hungarian politics after Russia's Foreign Intelligence Service (SVR) issued a statement alleging that the European Commission was considering "regime change in Budapest". In power since 2010, Hungarian Prime Minister Viktor Orban has been criticised by some fellow EU leaders for his government's warm ties with Moscow and opposition to military aid for Ukraine against Russia's invasion, while his cabinet is struggling to revive the economy from an inflationary shock. Some political analysts say that with Orban's right-wing Fidesz trailing Magyar's centre-right Tisza Party in polls, the veteran nationalist faces what could be the toughest challenge to his long rule at a parliamentary election due next spring. The SVR statement, published on Wednesday, said that based on information it had received, the European Commission viewed the current leadership of Hungary as an increasingly serious obstacle to a "united Europe". Last October Orban, who has strongly opposed EU efforts to ban Russian energy imports, also alleged that the EU executive was trying to overthrow his government and impose a "puppet" administration on Budapest. "Brussels is furious about Budapest's attempts to pursue an independent policy and influence collective decision-making, especially regarding Russia and Ukraine," the SVR said, describing Magyar as being loyal to "globalist elites". Magyar said Russia was trying to intervene directly to sway voters in Hungary, which is also a member of the NATO military alliance but under Orban has refused to send weapons to neighbouring Ukraine. "Yesterday an operation was officially launched against Hungary. A foreign, non-allied country is actively intervening in the domestic matters of our country," Magyar said on Facebook. Foreign Minister Peter Szijjarto said the SVR statement contained "nothing new," repeating eurosceptic Orban's previous allegations of EU leaders plotting to oust him. Orban, who has maintained close ties with Russian President Vladimir Putin even after Russia's 2022 invasion of Ukraine, became the only EU leader on Monday not to endorse a joint statement saying Ukraine should have the freedom to decide its future. Ahead of a summit in Alaska between U.S. President Donald Trump and Putin on Friday, Orban also said Russia had won the war in Ukraine. (Reporting by Gergely Szakacs; editing by Mark Heinrich)
New Straits Times
12 hours ago
- New Straits Times
Oil regains ground from two-month lows ahead of Trump-Putin meeting
TOKYO: Oil prices edged higher on Thursday, regaining ground after a sell-off in the previous session, with the upcoming meeting between US President Donald Trump and his Russian counterpart Vladimir Putin raising risk premiums in the market. Brent crude futures were up 28 cents, or 0.43 per cent, at US$65.91 a barrel at 0057 GMT, while US West Texas Intermediate crude futures rose 23 cents, or 0.37 per cent, to US$62.89. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the US government and the International Energy Agency (IEA). Trump on Wednesday threatened "severe consequences" if Putin does not agree to peace in Ukraine. Trump did not specify what the consequences could be, but he has warned of economic sanctions if the meeting in Alaska on Friday proves fruitless. "The uncertainty of US-Russia peace talks continues to add a bullish risk premium given Russian oil buyers could face more economic pressure," Rystad Energy said in a client note. "How Ukraine-Russia crisis resolves and Russia flows change could bring some unexpected surprises." Another support for oil is that the expectation that the US Federal Reserve will cut rates in September is at close to 100 per cent after US inflation increased at a moderate pace in July. Treasury Secretary Scott Bessent said he thought an aggressive half-point cut was possible given recent weak employment numbers. The market is putting the odds of a quarter-percentage point cut at the Fed's September 16-17 meeting at 99.9 per cent, according to the CME FedWatch tool. Lower borrowing rates would drive demand for oil. The dollar was hovering near multi-week lows against the euro and sterling on Thursday as traders ramped up bets for the Fed to resume cutting interest rates next month. Oil prices were kept in check as crude inventories in the United States unexpectedly rose by 3 million barrels in the week ended on August 8, according to the US Energy Information Administration on Wednesday, against expectations in a Reuters poll for a 275,000-barrel draw. Also, holding oil back was an International Energy Agency forecast that 2025 and 2026 world oil supply would rise more rapidly than expected, as the Organisation of the Petroleum Exporting Countries and its allies, together known as OPEC+, increase output and production from outside the group grows.
The Star
16 hours ago
- The Star
Oil hits two-month low as US, IEA supply guidance weighs
Brent crude futures settled down 49 cents, or 0.7%, to US$65.63 a barrel. US West Texas Intermediate crude futures fell 52 cents, or 0.8%, to US$62.65 a barrel. NEW YORK: Oil prices fell to over two-month lows on Wednesday after bearish supply guidance from the US government and the International Energy Agency, while investors eyed US President Donald Trump's threat of "severe consequences" if Russia's Vladimir Putin blocked peace in Ukraine. Brent crude futures settled down 49 cents, or 0.7%, to US$65.63 a barrel. During the session it dropped to US$65.01 a barrel, the lowest since June 6. US West Texas Intermediate crude futures fell 52 cents, or 0.8%, to US$62.65 a barrel. The contract fell to US$61.94 a barrel, the lowest since June 2. US crude stocks rose by 3 million barrels to 426.7 million barrels, the Energy Information Administration said on Wednesday. Analysts in a Reuters poll had expected a 275,000-barrel draw. Net US crude imports rose last week by 699,000 barrels per day, EIA said. "These crude exports remain subpar from what we got used to, falling due to tariff pushback," said John Kilduff, partner at Again Capital in New York, adding continued lower exports could weigh on prices. The International Energy Agency on Wednesday raised its forecast for oil supply growth this year but lowered its demand forecast. Trump is expected to meet with Putin in Alaska on Friday to discuss ending Russia's war in Ukraine, which has shaken oil markets since February 2022. When asked whether Russia would face any consequences if Putin does not agree to stop the war after Friday's meeting, Trump responded on Wednesday: "Yes, they will.' Asked if those consequences would be sanctions or tariffs, Trump told reporters: "I don't have to say, there will be very severe consequences." Trump also said a meeting between the pair could swiftly be followed by a second that included the leader of Ukraine. Meanwhile, in its monthly report on Tuesday, Opec+ raised its global oil demand forecast for next year and trimmed estimates of supply growth from the United States and other producers outside the wider group, pointing to a tighter market. "Were we to take an aggregate of the respective IEA and Opec oil demand growth projections for 2025 at their respective bearish and bullish ends, even a modest middle figure, say just north of 1 million bpd, can easily be serviced by non-OPEC supply growth alone at the moment," said independent energy analyst Gaurav Sharma. "So, I don't see a bullish case for oil over the near-term horizon." — Reuters
