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Italy ready to mitigate economic impact of iran crisis, minister says
Published by Global Banking & Finance Review®
Posted on March 5, 2026
2 min readLast updated: March 5, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 5, 2026
2 min readLast updated: March 5, 2026
Italy’s foreign minister Antonio Tajani announced that the government is finalising measures to support exporters and shield households amid rising energy and shipping costs due to Middle East tensions, especially around the Strait of Hormuz.
By Angelo Amante
ROME, March 5 (Reuters) - Italy is ready to protect its economy and households from the fallout of the Middle East crisis and is finalising measures to support exporters as energy prices rise and shipping routes come under strain, Foreign Minister Antonio Tajani said on Thursday.
Speaking to parliament, Tajani warned that tensions around the Strait of Hormuz, a vital passage for global energy supplies, were already having visible economic consequences. Oil and gas prices have surged, and insurance premiums on maritime routes have risen, he said.
"Our priority is to protect Italy's economic fabric and households’ purchasing power," Tajani told lawmakers, adding that the government was working with state agencies on support for companies hit by the crisis.
The minister said the repercussions could extend beyond energy markets, weighing on the prices of raw materials as well as wheat and cereals.
"As the conflict in Ukraine has shown, many countries around the world depend on wheat imports," Tajani said. "If the price of bread rises, social tensions can intensify and new sources of instability can emerge."
Italy was doing its part by supporting partners across the wider Mediterranean region, including through the Mattei Plan, Rome's flagship initiative aimed at strengthening cooperation with countries in Africa and the Middle East, he added.
Rome would assess whether to step up that commitment to help countries most exposed to potential rises in cereal prices, with the aim of preserving stability in the Mediterranean.
Tajani also underlined the strategic importance of the Gulf region for Italy's economy, and crucial for exports. Around 40% of global maritime trade passes through the Suez Canal and the Red Sea, he said.
(Reporting by Angelo Amante, writing by Claudia Cristoferi and Giselda Vagnoni, editing by Gianluca Semeraro and Bernadette Baum)
The Iran crisis has caused oil and gas prices to surge and maritime insurance premiums to rise, impacting Italy's economy and trade.
Italy is finalising support measures with state agencies to help companies affected by the crisis, especially those facing higher shipping and energy costs.
The Strait of Hormuz is a crucial passage for global energy supplies, and disruptions there affect Italy’s energy imports and economic stability.
Rising tensions in the Middle East may increase prices of raw materials, wheat, and cereals, potentially causing broader economic and social issues.
The Mattei Plan is an Italian initiative to strengthen cooperation with African and Middle Eastern countries, aiming to bolster stability in the Mediterranean.
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