Middle Eastern oil and gas prices soar, Europe calls for Ukraine to agree to Russian oil transit

Wallstreetcn
2026.03.04 01:31
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The Middle East conflict has driven up oil and gas prices, with European diesel futures soaring 34% in two days. The European Union is pressuring Ukraine to open the damaged "Friendship" oil pipeline for inspection to promote the resumption of Russian oil transit to Hungary and Slovakia, alleviating energy security concerns. Hungary is using approximately €90 billion in aid to Ukraine as leverage. However, Ukraine claims that the equipment is severely damaged, stating that "repairing the pipeline won't be quick," and has refused the inspection citing safety and resource constraints