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Hungarian opposition wins election landslide

Results based on 81.5% of votes counted showed the center-right, pro-EU Tisza party of Peter Magyar winning 137 seats for a crucial two-thirds majority in the 199-member parliament, defeating Orban’s Fidesz party.

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Photo: President of the Tisza Party, Peter Magyar / CNBC

Hungary’s veteran nationalist leader Viktor Orban conceded defeat on Sunday after a landslide election victory by the upstart opposition Tisza party, ending Orban’s 16-year rules.

Results based on 81.5% of votes counted showed the center-right, pro-EU Tisza party of Peter Magyar winning 137 seats for a crucial two-thirds majority in the 199-member parliament, defeating Orban’s Fidesz party.

“The election results are not final yet, but the situation is understandable and clear,” Orban, 62, said at the Fidesz campaign offices.

Some of his supporters who had gathered outside cried as they watched him speak on TV screens.

“The election result is painful for us, but clear.”Election officials estimated turnout at a record of 79% or more, in an election that many Hungarians saw as a watershed moment for their country.

Tisza’s Magyar, 45, had cast the vote as a choice between “East and West,” warning voters that Orban and his confrontational stance towards Brussels would take the country further away from the European mainstream.

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International

Trump blasts Pope Leo for criticism of U.S. foreign policy

Trump said Leo is “Weak on Crime, Weak on Nuclear Weapons, does not sit well with me

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President Donald Trump on Sunday blasted Pope Leo XIV over the Roman Catholic pontiff’s criticism of the U.S. war with Iran.

The president said in a Truth Social post he does not “want a Pope who criticizes the President of the United States because I’m doing exactly what I was elected, IN A LANDSLIDE, to do.”

Leo, the first U.S.-born pope, and other church leaders have also at times been sharply critical of Trump’s domestic immigration policies.

Trump linked the pope’s ascension to his return to office as president.“Leo should be thankful because, as everyone knows, he was a shocking surprise,” Trump said.

“He wasn’t on any list to be Pope, and was only put there by the Church because he was an American, and they thought that would be the best way to deal with President Donald J. Trump. If I wasn’t in the White House, Leo wouldn’t be in the Vatican.”

Trump said Leo is “Weak on Crime, Weak on Nuclear Weapons, does not sit well with me, nor does the fact that he meets with Obama Sympathizers like David Axelrod, a LOSER from the Left, who is one of those who wanted churchgoers and clerics to be arrested,” referring to a recent meeting between the pope and President Barack Obama’s former political aide.

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Oil jumps 7% to above $100 ahead of US blockade of Strait of Hormuz

U.S. Central Command said U.S. forces would begin implementing the blockade ​of all maritime traffic entering and exiting Iranian ports at 10 a.m. ET (1400 GMT) on Monday.

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Oil prices jumped above $100 a barrel on Monday as the U.S. Navy prepared to block ships ‌from reaching Iran via the Strait of Hormuz, a move that could restrict Iranian oil exports, after Washington and Tehran failed to reach a deal to end the war.

U.S. Central Command said U.S. forces would begin implementing the blockade of all maritime traffic entering and exiting Iranian ports at 10 a.m. ET (1400 GMT) on Monday.

Reuters reported that Brent crude futures rose $6.71, or 7.05%, to $101.91 a barrel by 0104 GMT after settling 0.75% lower on Friday.

U.S. West Texas Intermediate was at $104.16 a barrel, up $7.59, or 7.86%, following a 1.33% loss in the previous session.

“The market is now largely back to conditions before the ceasefire, except now the U.S. will ⁠block the remaining up to 2 million barrels per day Iranian linked flows through the Strait of Hormuz as well,” said Saul Kavonic, head of energy research at MST Marquee.

President Donald Trump said on Sunday the U.S. Navy would start blockading the Strait of Hormuz, raising the stakes after marathon talks with Iran failed to reach a deal to end the war, jeopardising a fragile two-week ceasefire.

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Iran reopens Strait of Hormuz following two-week cease-fire agreement with Trump

Pakistan, which has mediated between Tehran and Washington, said that an immediate ceasefire between Iran and the US had taken effect.

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Iranian Foreign Minister Abbas Araghchi said safe passage through the Strait of Hormuz would be possible for two weeks in coordination with Iran’s armed forces “and with due consideration of technical limitations.”

The development follows a two-week ceasefire announced by U.S. President Donald Trump, the Tasnim news agency, which is close to the Islamic Revolutionary Guard Corps (IRGC), reported early on Wednesday.

Pakistan, which has mediated between Tehran and Washington, said that an immediate ceasefire between Iran and the US had taken effect.

Prime Minister Shehbaz Sharif wrote on X that the Islamic Republic of Iran and the U.S., along with their allies, had agreed to an “immediate ceasefire everywhere,” including in Lebanon.“

Trump had made reopening the waterway a condition for the ceasefire and had threatened to target Iran’s energy sector and infrastructure, including bridges, if Tehran failed to comply, setting a deadline of 0000 GMT.

The Strait of Hormuz, crucial to global oil and gas trade, has been largely closed since the United States and Israel launched large-scale attacks on Iran on Feb. 28.

According to a senior U.S. official, Israel will also adhere to what Trump described as a “double sided CEASEFIRE.”

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