Middle East situation pushes up oil prices, European countries introduce price stabilization measures.

Due to continued tensions in the Middle East and disruptions in shipping through the Strait of Hormuz leading to increased energy supply risks, international oil and gas prices have significantly increased. Several European governments took measures on the 9th to address the rise in fuel prices and stabilize domestic markets. EU officials pointed out that the rise in energy prices due to Middle East conflict could bring stagflation risks to Europe. International oil prices experienced a significant reversal on that day, with a sharp increase earlier in the day followed by a downturn and significant drop. Light crude oil futures prices for delivery in April on the New York Mercantile Exchange approached $120 per barrel at one point, with an increase of over 30% during the day, ultimately closing at $94.77 per barrel, up 4.26%. The increase in European natural gas prices was even more severe. The price of Dutch TTF natural gas futures, the European gas benchmark, closed at 59.57 per megawatt hour on the 9th, compared to 31.96 on February 27, representing an increase of 86.4% in six trading days. Fuel prices in several European countries have risen significantly. The Bosnian Federation government stated on the 9th that the average retail price of diesel in Bosnia had risen by about 16.7% since February 28. Data from Bulgaria's fuel information website on the 9th showed that the price of the most commonly used A95 gasoline in Bulgaria had risen by about 6% in the past week. Several European countries announced measures on the 9th to deal with fluctuations in the fuel market. The Serbian government held a special meeting on the 9th and announced a temporary suspension of crude oil and fuel exports to ensure stability in its domestic market supply. Hungarian Prime Minister Orban announced that the country would implement price controls on retail gasoline and diesel to protect households, businesses, and farmers, and would use national oil reserves to ensure supply stability. The Croatian government issued a notice on the 9th implementing a two-week price control on gasoline and diesel. Croatian Prime Minister Andrej Plenkovic stated that the government's primary task was to ensure stable energy supply and maintain civilian and commercial energy prices within acceptable limits. European Commissioner for Economic Affairs Valdis Dombrovskis stated in an interview before the Eurogroup meeting on the 9th that if the conflict "persists for a longer period," continued disruptions in maritime transport and attacks on energy infrastructure in the Gulf region would lead to further rises in energy prices, causing a "serious stagflation shock" to the European and global economies. Major oil-producing countries are being forced to cut production due to disruptions in shipping through the Strait of Hormuz. ING analysis pointed out that even if shipping resumes, it will take time for upstream production to recover. There are no signs of easing in the conflict, and there is a risk of long-term disruptions to oil supply. A spokesperson for the European Commission said on the 9th that the oil reserves of EU member states or equivalent energy reserves could meet approximately 90 days of demand. The International Energy Agency recently stated that there are currently no plans to coordinate the release of government oil reserves. However, with tightening oil supply, the urgency of taking related actions will increase.