The war in Iran and fears of the conflict spreading to the entire Middle East continue to fuel oil prices. The de facto blockade of the Strait of Hormuz, through which a fifth of global energy flows, and attacks on facilities in several Gulf countries make the prospect of an energy shock more concrete.
And oil has broken through the $100 a barrel mark: the April WTI contract soars 17.92% to $107.19 after hitting a high of $119.48, while Brent crude gains 18.32% to $109.67 after peaking at $119.5.
“Oil prices in the short term, which will fall rapidly when the destruction of the Iranian nuclear threat is complete, are a very small price to pay for the security and peace of the United States and the world ,” US President Donald Trump wrote on Social Truth.
According to today's update from Mimit, March 9, the average price of self-service diesel in Sardinia is €1.985 per liter, among the highest in Italy . It's similar to that of Lombardy and Piedmont, and only lower than Calabria, Sicily, Valle d'Aosta, and the provinces of Trento and Bolzano (where it exceeds €2 per liter). Gasoline, on the other hand, reaches €1.784 per liter .
In just 10 days, the price of diesel has increased by more than 14%, making a full tank of diesel cost 12.3 euros more than at the end of February , reports Codacons. Today, the average price of diesel at self-service stations, according to regional averages by Mimit, stands at 1.970 euros per liter in Italy, a jump of 14.3% compared to the national average at the end of February (1.723 euros/liter): "This means that in just 10 days, a full tank of diesel costs each driver a full 12.3 euros more, equivalent to an additional expense of 296 euros per year if we consider an average of two full tanks per month." Over the same period , self-service petrol prices increased by approximately 7%, with a higher cost of approximately +5.8 euros per tank, almost 140 euros more over the year .
Gas prices are also skyrocketing, rising 21.86% over last week, marking a veritable boom. Futures on the Amsterdam TTF are trading at €65 per megawatt-hour, with a clear upward trend. The situation in the Gulf and Qatar's decision to suspend production are having immediate and devastating consequences on prices.
The government is working to stop speculation and reduce fuel prices: "There will be no respite for speculators," announced Minister of Enterprise and Made in Italy Adolfo Urso . "Unlike what happened four years ago, today we have more effective tools to combat speculation and stem the inflationary spiral that decimated household purchasing power. With Legislative Decree No. 5 of January 14, 2023, we established an effective monitoring system for both the fuel distribution network and the entire value chain, including the food supply chain, which allows us to intervene by activating, where necessary, the Guardia di Finanza and other regulatory bodies. This is also why fuel prices have remained low in 2024 and 2025, with positive effects on inflation, which last year was just 1.5%, among the lowest in Europe. The Rapid Alert Committee was promptly activated a week ago, and we have established an operational task force in coordination with the Guardia di Finanza. With the same 2023 decree, we also provided for the possibility of activating a mobile excise tax, in order to use the increased VAT resources to reduce the excise duty or to directly compensate consumers and businesses. We will intervene promptly to minimize, as much as possible, any impact on families and businesses . Today we have the tools to do so; in the coming days, we will define to what extent and with what resources. And "if speculative phenomena were to emerge, we are ready to respond with compensatory taxation."
André Sapir, professor of international economics at the Université Libre de Bruxelles, paints a bleak picture for Europe: "As things stand, we can already assume an increase in inflation in Europe of between 0.50 and 1%, adding to the painful 2% the ECB has managed to guarantee so far. And for growth, this equates to at least a 0.1-0.2% reduction."
(Unioneonline)