United States President Donald Trump announced overnight that an agreement for the reopening of the Strait of Hormuz could be reached as early as today, August 5, or tomorrow at the latest. A statement that reassured the markets and caused the price of oil to fall, with Brent falling below 80 dollars a barrel.
Despite this, fuels in Italy continue to remain steadily above the threshold of two euros per litre. The government, yesterday evening 4 August, confirmed that the 17 cent discount on diesel excise duties will be extended until the 25th of the month.
The price of oil and the situation in Iran
The talks between Iran and the United States, mediated by the Gulf countries and Oman, currently appear to be oriented towards the reopening, at least partially, of the Strait of Hormuz, and not towards the resolution of the conflict, therefore towards a blockade of the Iranian nuclear programme. Both Trump, Secretary of State Marco Rubio, and Treasury Secretary Scott Bessent have called for a rapid reopening of maritime traffic.
Iran continues to maintain that it is not negotiating with the United States in any way. The regime is reportedly speaking exclusively with Oman, the other state overlooking the Strait of Hormuz, to establish new safe routes that allow Tehran to collect the tolls it wants to impose on passing ships, but also to increase traffic volumes.
Trump’s statements
Trump’s position, however, seems very different. In an interview with Fox Newsthe US president spoke of “excellent talks” and hoped for a total and immediate reopening of the Strait of Hormuz. Otherwise, Trump threatened, a new major attack against Iran was coming.
The price of oil hadn’t been this low in three weeks
However, this situation has pushed oil to some of the lowest levels in recent days:
- the WTI fell to 76 dollars a barrel;
- Brent fell below 80 dollars a barrel.
These are the lowest figures in recent weeks. The new drop in the price of crude oil demonstrates the markets’ confidence in the ongoing talks and the hope of a quick solution to the conflict in the Middle East.
Because if oil drops, petrol and diesel are still so expensive
Despite this, in Italy the prices of fuel are still stable compared to recent days. On average, at the pump you pay:
- 2,003 euros for petrol;
- 2,100 euros for diesel;
- 0.770 euros for LPG;
- 1,636 euros for methane.
This is mainly due to the fact that prices “at the pump” reflect not only the cost of crude oil, but also the last step in a very long supply chain. The oil used to produce the gasoline and diesel that are sold these days was sold when prices were much higher than they are today.
For petrol in particular, the failure to reduce prices also has a “political” origin. The Government has in fact decided to intervene on mobile excise duties only for diesel. The price of petrol is therefore influenced by much higher taxes, and will remain so until at least August 25th.
