The price of Brent crude (the benchmark for oil in Europe) has erased the gains made during the conflict between the United States and Iran , reflecting the gradual reopening of the Strait of Hormuz. With positive signs emerging from the peace talks, though many points remain unresolved, the price has begun to decline sharply, and Brent crude yesterday reached a low of $72.24 a barrel, below the close of $72.48 on February 27, the day before the US attack on Iran.
Brent crude is trading today at $72.50 (-1.75%) for the June delivery contract and $72.80 for the July delivery contract, while spot crude is at $72.60. WTI has dropped to $69 a barrel (the pre-war level was $67.02), and is now trading just above $69 (the June contract is $69.34, down 1.4%, while spot crude is $69.52, down 0.37%).
The decline is also affecting the final price at the pump, but the decline for consumers is slower: according to data from the Ministry of Enterprise and Made in Italy, updated this morning, diesel in Sardinia costs an average of €1.926 per liter, while gasoline costs €1.831 per liter.
