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The start of U.S.-China trade talks on the tariff war was good for market sentiment. At the same time, however, oil prices rose, which will also affect domestic fuel prices, Világgazdaság reported.
Over the weekend, trade talks started between the U.S. and China, with both sides praising the results achieved. As a result, the market sentiment improved. Market opinion suggests that the dispute over tariffs between the U.S. and China may be resolved.
Foreign Minister Péter Szijjártó also welcomed the start of trade and customs negotiations between the United States and China. He emphasized that both China and the United States are Hungary’s most important economic partners alongside the European Union. “We welcome the success of the trade talks and the steps taken to keep global trade running,” the Minister wrote on his social media page.
Szijjártó emphasized that stable and cooperative relations between these two major powers were in Hungary’s fundamental interest.
China and the United States are Hungary’s two most important economic partners outside the EU. That’s why a constructive relationship between them is in our direct interest. We welcome the success of the trade talks and the steps taken to keep global trade running.
— Péter Szijjártó (@FM_Szijjarto) May 12, 2025
At the same time, however, the price of Brent crude oil futures rose by 27 cents, or 0.4 percent, to $64.18 per barrel. The price of US West Texas Intermediate (WTI) crude oil futures was $61.30 per barrel on Monday, up 28 cents, or 0.5 percent, from Friday’s closing price. Both benchmarks rose more than four percent last week, marking their first weekly gain since mid-April, after a trade agreement between the United States and the United Kingdom made investors optimistic that deep economic problems could be avoided.
Overall, the price of oil rose, which is the most decisive factor in domestic fuel pricing, and this effect was registered in Hungary as well.
The forint did not save the situation either, as the other decisive factor, the dollar-forint exchange rate, also moved in an unfavorable direction.
While a week ago, the dollar was trading at around 356 forints, on Monday morning the exchange rate was above 359 forints, meaning that the Hungarian currency weakened against the dollar.
Among fuel types, the wholesale price of gasoline rose by three forints on Tuesday, while the price of diesel remained unchanged. As a result, 95 octane gasoline now costs an average 585 forints (1.446 euros) per liter, and diesel costs 583 forints (1.441 euros) per liter.
Via Világgazdaság, Holtankoljak.hu; Featured photo via Pixabay