Iran War, Pichetto: “We hope it ends soon”

Many analysts and experts warn that, if the Strait of Hormuz is not reopened to navigation quickly, crude oil (Brent prices around 102 dollars a barrel, WTI just below 96 around 4.30 pm, ed.) could skyrocket to 150, if not 200 dollars a barrel, which would mean, in a pinch, a petrol price well above 3 euros per litre. “With such a scenario…. – replies the minister, when asked what the government would do in this case – we already have maximum tension today, with the barrel of oil at 90 dollars, when it should have been at 60, let alone in a scenario like that”.

“Of course – he continues – we hope not. We hope not, Let’s hope the conflict can be resolved quickly“. However, it doesn’t seem like we’re going in that direction, at least for now: “If it doesn’t close – he replies – it’s a global problem, not just an Italian one. It is a problem for all of Europe, but also for China and Japan. I attended the G7 last week and there are countries that are almost totally dependent on the Persian Gulf. It is not a problem that can be addressed by a single country”, he concludes.