{"id":136304,"date":"2026-03-04T15:25:19","date_gmt":"2026-03-04T14:25:19","guid":{"rendered":"https:\/\/www.donatopaolino.it\/?p=136304"},"modified":"2026-03-04T15:27:14","modified_gmt":"2026-03-04T14:27:14","slug":"iran-conflict","status":"publish","type":"post","link":"https:\/\/www.donatopaolino.it\/en\/iran-conflict\/","title":{"rendered":"Iran conflict and energy markets: are oil and gas really at risk?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><em>A short conflict could trigger price spikes but not a structural shock for the Italian economy<\/em><\/strong><\/p>\n\n\n\n<h2 id=\"the-strategic-role-of-the-strait-of-hormuz\" class=\"wp-block-heading\"><strong>The strategic role of the Strait of Hormuz<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Whenever tensions rise in the Middle East, global attention immediately turns to energy markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The key chokepoint is the&nbsp;<strong>Strait of Hormuz<\/strong>, through which roughly&nbsp;<strong>20-21% of global oil supply<\/strong>&nbsp;flows.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the&nbsp;<strong>Unimpresa Research Center<\/strong>, however, a conflict lasting&nbsp;<strong>three to four weeks<\/strong>&nbsp;would likely cause only a temporary shock rather than a structural energy crisis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Markets tend to react immediately to geopolitical risk, often before physical flows are actually disrupted. The first effect is typically financial: increased insurance costs, speculative trading in futures markets and higher&nbsp;<strong>risk premiums<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If maritime routes remain operational and no prolonged blockade occurs, price spikes tend to&nbsp;<strong>fade relatively quickly<\/strong>.<\/p>\n\n\n\n<h2 id=\"oil-prices-possible-spike-to-110\" class=\"wp-block-heading\"><strong>Oil prices: possible spike to $110<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Unimpresa projections suggest a temporary but significant increase in oil prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Starting from a&nbsp;<strong>pre-crisis Brent price around $75 per barrel<\/strong>, a short conflict could push prices toward&nbsp;<strong>$90-$110<\/strong>, representing a&nbsp;<strong>20-45% increase<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the key metric for the economy is the&nbsp;<strong>average price over time<\/strong>, not the peak. Under a scenario of rapid stabilization, the quarterly average would likely remain around&nbsp;<strong>$85-$95 per barrel<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This dynamic reflects what economists call&nbsp;<strong>financial overshooting<\/strong>: markets initially overreact to risk before stabilizing once supply disruptions fail to materialize.<\/p>\n\n\n\n<h2 id=\"european-gas-volatility-without-supply-shortages\" class=\"wp-block-heading\"><strong>European gas: volatility without supply shortages<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A similar pattern is expected in the European gas market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With&nbsp;<strong>TTF prices around \u20ac35 per megawatt hour<\/strong>, a geopolitical shock could temporarily push prices to&nbsp;<strong>\u20ac50-\u20ac65<\/strong>, an increase of&nbsp;<strong>40-80%<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Still, seasonal averages would likely remain lower, between&nbsp;<strong>\u20ac45 and \u20ac55<\/strong>, provided there are no physical disruptions to&nbsp;<strong>Qatari LNG shipments or North African gas flows<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Italy consumes about&nbsp;<strong>70 billion cubic meters of gas annually<\/strong>, but its supply mix is now more diversified than during the&nbsp;<strong>2022 energy crisis<\/strong>, thanks to additional LNG infrastructure and alternative suppliers.<\/p>\n\n\n\n<h2 id=\"inflation-and-gdp-impact-relatively-limited\" class=\"wp-block-heading\"><strong>Inflation and GDP impact: relatively limited<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">From a macroeconomic perspective, the impact of a short-lived shock would be modest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<strong>30% increase in oil prices for one month<\/strong>&nbsp;would raise Italian inflation by roughly&nbsp;<strong>0.2\u20130.4 percentage points<\/strong>, compared with a baseline around&nbsp;<strong>2.1%<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Economic growth would also remain resilient.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Italy\u2019s&nbsp;<strong>2026 GDP growth<\/strong>, currently projected at about&nbsp;<strong>1.1%<\/strong>, might decline by at most&nbsp;<strong>0.2 percentage points<\/strong>, still far from recession territory.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<strong>energy trade deficit<\/strong>, typically around&nbsp;<strong>\u20ac35 billion<\/strong>, might temporarily rise to&nbsp;<strong>\u20ac45-\u20ac50 billion<\/strong>&nbsp;if high prices persisted for a full quarter.<\/p>\n\n\n\n<h2 id=\"italian-businesses-higher-costs-but-manageable\" class=\"wp-block-heading\"><strong>Italian businesses: higher costs but manageable<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For companies, particularly energy-intensive sectors, the main effect would be&nbsp;<strong>higher energy price volatility<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, this would not necessarily translate into a systemic profitability crisis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many firms today rely on&nbsp;<strong>long-term supply contracts or indexed pricing mechanisms<\/strong>, which soften the immediate impact of spot market fluctuations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Severe scenarios involving employment losses or industrial competitiveness would require&nbsp;<strong>a prolonged conflict or regional escalation<\/strong>.<\/p>\n\n\n\n<h2 id=\"duration-is-the-key-factor\" class=\"wp-block-heading\"><strong>Duration is the key factor<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ultimately, the difference between a temporary shock and a structural crisis lies in&nbsp;<strong>how long the conflict lasts<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A short conflict would mainly produce&nbsp;<strong>financial price spikes<\/strong>, followed by gradual stabilization.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As&nbsp;<strong>Giuseppe Spadafora<\/strong>, Vice President of Unimpresa, notes:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u201cIf the conflict lasts only a few weeks, we are facing volatility rather than a structural shock. Oil and gas prices may spike, but the yearly impact would remain manageable.\u201d<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Still, he warns that vigilance is necessary:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u201cBusinesses, especially energy-intensive industries and SMEs, need stability and adequate hedging tools. Continuous monitoring and timely interventions are essential.\u201d<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Prudence, in other words, remains the best safeguard for competitiveness.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"868\" height=\"972\" data-id=\"136306\" src=\"https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.12.13.png\" alt=\"\" class=\"wp-image-136306\" srcset=\"https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.12.13.png 868w, https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.12.13-268x300.png 268w, https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.12.13-768x860.png 768w, https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.12.13-350x392.png 350w\" sizes=\"(max-width: 868px) 100vw, 868px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"980\" height=\"828\" data-id=\"136307\" src=\"https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.12.03.png\" alt=\"\" class=\"wp-image-136307\" srcset=\"https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.12.03.png 980w, https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.12.03-300x253.png 300w, https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.12.03-768x649.png 768w, https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.12.03-350x296.png 350w\" sizes=\"(max-width: 980px) 100vw, 980px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"786\" data-id=\"136308\" src=\"https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.11.55-1024x786.png\" alt=\"\" class=\"wp-image-136308\" srcset=\"https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.11.55-1024x786.png 1024w, https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.11.55-300x230.png 300w, https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.11.55-768x590.png 768w, https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.11.55-350x269.png 350w, https:\/\/www.donatopaolino.it\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-04-alle-10.11.55.png 1076w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"<p>A short conflict could trigger price spikes but not a structural shock for the Italian economy The strategic role of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":136305,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"categories":[369],"tags":[],"class_list":["post-136304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Iran conflict and energy markets: are oil and gas really at risk? 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