Italy says Russia talks ‘pointless’ as Hormuz disruption drives oil prices

Italy's defense minister has said it would be "pointless" to seek oil supplies from Russia as global energy prices surge due to disruption in the Strait of Hormuz.

According to a report by Italian news agency ANSA, Guido Crosetto said the issue facing Italy and Europe is not access to oil but its rising cost.

"The problem is the price of oil, not where to find it," Crosetto told Mediaset television when asked about the possibility of sourcing oil from Russia.

"He (Russia's Putin) would sell it at the same price at which others purchase it. That's how it is right now."

He said Italy has been working to diversify its energy supplies, with national energy company Eni securing alternative sources.

"Italy is taking action through its major companies; Eni is one of the world's largest energy companies, and it has taken steps with Venezuela, with African sources, and with Asian sources like Indonesia, to cover the shortfall that could result from the closure of Hormuz," the minister said.

Crosetto added that Italy and other European countries were less exposed to the disruption than some global markets.

"But I must say that European countries and Italy are among the countries least affected by the closure of Hormuz: the oil that comes to us from Hormuz accounts for about 5% of our needs and is, so to speak, easily obtainable.

"The biggest problem regards liquefied natural gas from Qatar, which accounts for about 20% of our needs. It is not so much a problem of supply sources for us as it is a problem of price," he noted.

Tensions in the Middle East have escalated since the US and Israel launched a joint offensive on Iran on Feb. 28, which has killed around 1,300 people so far, including then-Supreme Leader Ayatollah Ali Khamenei.

Iran has retaliated with drone and missile strikes targeting Israel, along with Jordan, Iraq, and Gulf countries, which it says host US military assets, causing casualties and damage to infrastructure while disrupting global markets and aviation.

The Strait of Hormuz has been at the center of global energy concerns since Iran's Islamic Revolutionary Guard Corps announced its closure to most vessels in retaliation for the US-Israeli attacks.

Before the conflict, around 20 million barrels of oil passed through the strait daily. Its disruption has pushed oil prices higher.

Brent crude remained above $100 per barrel as the war entered its third week with little sign of de-escalation.