Brent crude has climbed to $90.50 a barrel, sustaining the upward pressure on global energy markets that has now pushed retail fuel prices in Italy past the €2 per litre threshold.
The surge in pump prices, confirmed by Italy’s Ministry of Enterprises and Made in Italy, marks a significant escalation in consumer energy costs across the continent, mirroring similar spikes seen in Germany where averages have reached €2.31 for gasoline.
The price action in crude is driven by persistent geopolitical risks in the Middle East, particularly concerns over shipping security in the Strait of Hormuz.
These tensions have kept a risk premium embedded in oil prices, preventing any meaningful correction despite broader macroeconomic headwinds.
The sustained elevation in Brent is directly translating into higher input costs for transport and logistics sectors across Europe, exacerbating inflationary pressures that have already seen diesel prices jump 29% year-on-year in the EU.
This development extends the narrative of energy market volatility that has dominated trading since early July, when Iran warned oil tankers to use approved routes or face forceful responses. The continued adherence to these higher price levels suggests that market participants are pricing in a prolonged period of supply uncertainty rather than a transient spike.
Natural gas prices have also firmed, reaching their highest levels since March, indicating a broad-based repricing of energy assets amid the geopolitical standoff.
Traders should monitor upcoming OPEC+ communications for any signals of production adjustments in response to the price surge.