Fuel Origin

Events / Shipping disruption

Strait of Hormuz shipping disruption (2026)

Dates
2026-02-28 → no end date recorded
Dated to
the day
Status
Ongoing
Scope
Strait of Hormuz / Persian Gulf

What the sources said

Onset date as published by two independent agencies. IEA, 11 March 2026: "The conflict in the Middle East that began on 28 February 2026 has impeded oil flows through the Strait of Hormuz, with export volumes of crude and refined products currently at less than 10% of pre-conflict levels." EIA Short-Term Energy Outlook, April 2026: "The strait has been effectively closed to shipping traffic since military action began on February 28." EIA STEO March 2026 dates the same onset ("the onset of military action in the Middle East that began on February 28"). Reported transit volumes: EIA STEO August 2026 - "crude oil and petroleum liquids transported through the Strait of Hormuz averaged 4.9 million barrels per day (b/d) in the second quarter of 2026 (2Q26), down from an average of 21.6 million b/d in 4Q25 before the conflict began"; IEA commentary 22 June 2026 gives an average of 2.7 million b/d for March-May 2026 against "around 20 million barrels per day" before. Date disagreement recorded, not resolved: EIA Today in Energy of 15 July 2026 dates the US-Iran memorandum of understanding on resuming traffic to 17 June 2026, while the EIA press release of 7 July 2026 dates the same memorandum to 18 June 2026. No end date is recorded: EIA STEO September 2026 still describes flows through the strait as constrained and variable, and EIA STEO August 2026 records renewed attacks on tankers from 7 July 2026. This row is a timeline marker only; it makes no statement about prices.

IEA, EIA, European Commission, European Council and national legislators (cited per row)Verified
Retrieved 2026-09-23 07:22 UTCRevision 1
Source documents (7)
CountryCountryGermanyFranceNetherlandsPolandFinlandEstoniaAustriaBelgiumBulgariaCroatiaCyprusCzechiaDenmarkGreeceHungaryIrelandItalyLatviaLithuaniaLuxembourgMaltaPortugalRomaniaSlovakiaSloveniaSpainSweden
FuelFuelDiesel (automotive gas oil)Petrol (Euro-super 95)Both fuels

Choosing a fuel keeps that fuel's series and the channels shared by every fuel - the crude benchmark, FX, crude imports and Hormuz exposure. It drops only the other fuel's series.

The event window

What each series was worth from -30 to 90 days around the event date, how far that is from the same series' level at the event date, and how big that move is against the series' own normal variation.

Italy, Diesel (automotive gas oil). 16 series can be drawn; 4 cannot be seen at all and are shown as labelled empty panels below.

182 published readings, 26 offsets with nothing published within one period, and 52 offsets on series we cannot see at all. Every one of them is on this page.

Europe Brent spot FOB

Unit: $ per barrelPublished: dailyCalculatedHigh
T0−30T0+30+60+90130.763.52026-01-29: 71.00 $ per barrel, used for offsets −302026-02-13: 69.96 $ per barrel, used for offsets −142026-02-20: 72.75 $ per barrel, used for offsets −72026-02-25: 70.69 $ per barrel, used for offsets −3same print as T0 — 2026-02-27, 71.32 $ per barrel, used for offsets −1, T0, +12026-03-03: 83.28 $ per barrel, used for offsets +32026-03-06: 95.74 $ per barrel, used for offsets +72026-03-13: 103.2 $ per barrel, used for offsets +142026-03-30: 121.9 $ per barrel, used for offsets +302026-04-29: 124.2 $ per barrel, used for offsets +602026-05-29: 92.88 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for Europe Brent spot FOB: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-2971.00-0.320-0.45%-0.23
−142026-02-1369.96-1.360-1.91%-0.99
−72026-02-2072.75+1.430+2.01%+1.04
−32026-02-2570.69-0.630-0.88%-0.46
−12026-02-27same print as T071.320.0000.00%0.00
T02026-02-27same print as T071.320.0000.00%0.00
+12026-02-27same print as T071.320.0000.00%0.00
+32026-03-0383.28+11.960+16.77%+8.68
+72026-03-0695.74+24.420+34.24%+17.72
+142026-03-13103.2+31.910+44.74%+23.16
+302026-03-30121.9+50.560+70.89%+36.70
+602026-04-29124.2+52.840+74.09%+38.35
+902026-05-2992.88+21.560+30.23%+15.65

One volatility unit for this series is 1.93%, the standard deviation of its own day-on-day percentage changes over the three years before the event (756 changes). It is not a significance test.

reported crude oil imports, all origins

Unit: tonnesPublished: monthlyCalculatedHigh
T0−30T0+30+60+905,624,5753,497,7912026-01-01: 4,340,015 tonnes, used for offsets −30same print as T0 — 2026-02-01, 4,422,450 tonnes, used for offsets −14, −7, −3, −1, T02026-03-01: 3,703,609 tonnes, used for offsets +1, +3, +7, +14, +302026-04-01: 5,418,757 tonnes, used for offsets +602026-05-01: 5,071,017 tonnes, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for reported crude oil imports, all origins: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-014,340,015-82,435-1.86%-0.13
−142026-02-01same print as T04,422,4500.0000.00%0.00
−72026-02-01same print as T04,422,4500.0000.00%0.00
−32026-02-01same print as T04,422,4500.0000.00%0.00
−12026-02-01same print as T04,422,4500.0000.00%0.00
T02026-02-01same print as T04,422,4500.0000.00%0.00
+12026-03-013,703,609-718,841-16.25%-1.09
+32026-03-013,703,609-718,841-16.25%-1.09
+72026-03-013,703,609-718,841-16.25%-1.09
+142026-03-013,703,609-718,841-16.25%-1.09
+302026-03-013,703,609-718,841-16.25%-1.09
+602026-04-015,418,757+996,307+22.53%+1.51
+902026-05-015,071,017+648,567+14.67%+0.98

One volatility unit for this series is 14.89%, the standard deviation of its own month-on-month percentage changes over the three years before the event (35 changes). It is not a significance test.

crude-only expected pre-tax price: the T0 bulletin-week price plus what the stored pass-through curves say crude alone would have done since

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30T0+30+60+901.2710.6312026-01-26: 0.6931 € per litre, used for offsets −302026-02-09: 0.7112 € per litre, used for offsets −142026-02-16: 0.7151 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.7220 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.7311 € per litre, used for offsets +3, +72026-03-09: 0.7935 € per litre, used for offsets +142026-03-30: 1.065 € per litre, used for offsets +302026-04-27: 1.153 € per litre, used for offsets +602026-05-25: 1.209 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for crude-only expected pre-tax price: the T0 bulletin-week price plus what the stored pass-through curves say crude alone would have done since: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.6931-0.029-4.01%-0.13
−142026-02-090.7112-0.011-1.50%-0.05
−72026-02-160.7151-0.007-0.96%-0.03
−32026-02-23same print as T00.72200.0000.00%0.00
−12026-02-23same print as T00.72200.0000.00%0.00
T02026-02-23same print as T00.72200.0000.00%0.00
+12026-02-23same print as T00.72200.0000.00%0.00
+32026-03-020.7311+0.009+1.26%+0.04
+72026-03-020.7311+0.009+1.26%+0.04
+142026-03-090.7935+0.071+9.89%+0.33
+302026-03-301.065+0.343+47.56%+1.57
+602026-04-271.153+0.431+59.70%+1.98
+902026-05-251.209+0.487+67.41%+2.23

One volatility unit for this series is 30.19%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

ECB euro foreign exchange reference rate

Unit: US dollars per euroPublished: dailyCalculatedHigh
T0−30T0+30+60+901.2031.1422026-01-29: 1.197 US dollars per euro, used for offsets −302026-02-13: 1.186 US dollars per euro, used for offsets −142026-02-20: 1.177 US dollars per euro, used for offsets −72026-02-25: 1.178 US dollars per euro, used for offsets −3same print as T0 — 2026-02-27, 1.181 US dollars per euro, used for offsets −1, T0, +12026-03-03: 1.161 US dollars per euro, used for offsets +32026-03-06: 1.156 US dollars per euro, used for offsets +72026-03-13: 1.148 US dollars per euro, used for offsets +142026-03-30: 1.148 US dollars per euro, used for offsets +302026-04-29: 1.171 US dollars per euro, used for offsets +602026-05-29: 1.164 US dollars per euro, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for ECB euro foreign exchange reference rate: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-291.197+0.016+1.38%+3.12
−142026-02-131.186+0.006+0.48%+1.09
−72026-02-201.177-0.004-0.32%-0.73
−32026-02-251.178-0.002-0.18%-0.40
−12026-02-27same print as T01.1810.0000.00%0.00
T02026-02-27same print as T01.1810.0000.00%0.00
+12026-02-27same print as T01.1810.0000.00%0.00
+32026-03-031.161-0.020-1.69%-3.81
+72026-03-061.156-0.024-2.07%-4.67
+142026-03-131.148-0.033-2.79%-6.29
+302026-03-301.148-0.032-2.72%-6.14
+602026-04-291.171-0.010-0.84%-1.89
+902026-05-291.164-0.016-1.36%-3.08

One volatility unit for this series is 0.44%, the standard deviation of its own day-on-day percentage changes over the three years before the event (765 changes). It is not a significance test.

direct crude Hormuz exposure D1

Unit: % of imported tonnesPublished: monthlyUnknownUnknown
T0−30T0+30+60+9021.850.002026-01-01: 10.26 to 19.63 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-02-01: 4.766 to 15.72 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-03-01: 3.815 to 12.16 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-04-01: 1.577 to 9.391 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-05-01: 1.149 to 8.838 % of imported tonnes. No point estimate is published, so no midpoint is drawn.

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits. The shaded band is the admissible range. No midpoint is drawn, because no point estimate is published.

Window table for direct crude Hormuz exposure D1: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-0110.26–19.63not publishednot publishednot published
−142026-02-014.766–15.72not publishednot publishednot published
−72026-02-014.766–15.72not publishednot publishednot published
−32026-02-014.766–15.72not publishednot publishednot published
−12026-02-014.766–15.72not publishednot publishednot published
T02026-02-014.766–15.72not publishednot publishednot published
+12026-03-013.815–12.16not publishednot publishednot published
+32026-03-013.815–12.16not publishednot publishednot published
+72026-03-013.815–12.16not publishednot publishednot published
+142026-03-013.815–12.16not publishednot publishednot published
+302026-03-013.815–12.16not publishednot publishednot published
+602026-04-011.577–9.391not publishednot publishednot published
+902026-05-011.149–8.838not publishednot publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

direct refined-product Hormuz exposure D2

Unit: % of imported tonnesPublished: monthlyUnknownUnknown
T0−30T0+30+60+9049.150.002026-01-01: 0 to 40.36 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-02-01: 0 to 39.80 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-03-01: 0 to 38.42 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-04-01: 3.222 to 43.88 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-05-01: 3.222 to 43.88 % of imported tonnes. No point estimate is published, so no midpoint is drawn.

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits. The shaded band is the admissible range. No midpoint is drawn, because no point estimate is published.

Window table for direct refined-product Hormuz exposure D2: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-010–40.36not publishednot publishednot published
−142026-02-010–39.80not publishednot publishednot published
−72026-02-010–39.80not publishednot publishednot published
−32026-02-010–39.80not publishednot publishednot published
−12026-02-010–39.80not publishednot publishednot published
T02026-02-010–39.80not publishednot publishednot published
+12026-03-010–38.42not publishednot publishednot published
+32026-03-010–38.42not publishednot publishednot published
+72026-03-010–38.42not publishednot publishednot published
+142026-03-010–38.42not publishednot publishednot published
+302026-03-010–38.42not publishednot publishednot published
+602026-04-013.222–43.88not publishednot publishednot published
+902026-05-013.222–43.88not publishednot publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

inventory exposure D7: published days of emergency stock cover, carried through

Unit: days of coverPublished: monthlyCalculatedHigh
T0−30T0+30+60+9091.8974.952026-01-01: 90.24 days of cover, used for offsets −30same print as T0 — 2026-02-01, 90.14 days of cover, used for offsets −14, −7, −3, −1, T02026-03-01: 90.25 days of cover, used for offsets +1, +3, +7, +14, +302026-04-01: 76.68 days of cover, used for offsets +602026-05-01: 76.59 days of cover, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for inventory exposure D7: published days of emergency stock cover, carried through: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-0190.24+0.099+0.11%+0.14
−142026-02-01same print as T090.140.0000.00%0.00
−72026-02-01same print as T090.140.0000.00%0.00
−32026-02-01same print as T090.140.0000.00%0.00
−12026-02-01same print as T090.140.0000.00%0.00
T02026-02-01same print as T090.140.0000.00%0.00
+12026-03-0190.25+0.107+0.12%+0.16
+32026-03-0190.25+0.107+0.12%+0.16
+72026-03-0190.25+0.107+0.12%+0.16
+142026-03-0190.25+0.107+0.12%+0.16
+302026-03-0190.25+0.107+0.12%+0.16
+602026-04-0176.68-13.462-14.93%-19.50
+902026-05-0176.59-13.548-15.03%-19.63

One volatility unit for this series is 0.77%, the standard deviation of its own month-on-month percentage changes over the three years before the event (35 changes). It is not a significance test.

crude cost per litre: Brent in EUR/L averaged over the bulletin week (refinery yield not modelled)

Unit: € per litrePublished: weeklyCalculatedHigh
T0−30T0+30+60+900.7130.3352026-01-26: 0.3714 € per litre, used for offsets −302026-02-09: 0.3742 € per litre, used for offsets −142026-02-16: 0.3817 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.3806 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.4615 € per litre, used for offsets +3, +72026-03-09: 0.5233 € per litre, used for offsets +142026-03-30: 0.6763 € per litre, used for offsets +302026-04-27: 0.6445 € per litre, used for offsets +602026-05-25: 0.5248 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for crude cost per litre: Brent in EUR/L averaged over the bulletin week (refinery yield not modelled): value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.3714-0.009-2.40%-0.66
−142026-02-090.3742-0.006-1.68%-0.46
−72026-02-160.3817+0.001+0.29%+0.08
−32026-02-23same print as T00.38060.0000.00%0.00
−12026-02-23same print as T00.38060.0000.00%0.00
T02026-02-23same print as T00.38060.0000.00%0.00
+12026-02-23same print as T00.38060.0000.00%0.00
+32026-03-020.4615+0.081+21.26%+5.80
+72026-03-020.4615+0.081+21.26%+5.80
+142026-03-090.5233+0.143+37.50%+10.24
+302026-03-300.6763+0.296+77.69%+21.21
+602026-04-270.6445+0.264+69.35%+18.93
+902026-05-250.5248+0.144+37.88%+10.34

One volatility unit for this series is 3.66%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

national total oil stocks (Eurostat, commercial holders), with the published days of cover alongside

Unit: tonnesPublished: monthlyCalculatedHigh
T0−30T0+30+60+9018,151,50114,817,4732026-01-01: 16,986,641 tonnes, used for offsets −30same print as T0 — 2026-02-01, 17,828,853 tonnes, used for offsets −14, −7, −3, −1, T02026-03-01: 17,129,438 tonnes, used for offsets +1, +3, +7, +14, +302026-04-01: 15,560,396 tonnes, used for offsets +602026-05-01: 15,140,121 tonnes, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for national total oil stocks (Eurostat, commercial holders), with the published days of cover alongside: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-0116,986,641-842,212-4.72%-1.94
−142026-02-01same print as T017,828,8530.0000.00%0.00
−72026-02-01same print as T017,828,8530.0000.00%0.00
−32026-02-01same print as T017,828,8530.0000.00%0.00
−12026-02-01same print as T017,828,8530.0000.00%0.00
T02026-02-01same print as T017,828,8530.0000.00%0.00
+12026-03-0117,129,438-699,415-3.92%-1.61
+32026-03-0117,129,438-699,415-3.92%-1.61
+72026-03-0117,129,438-699,415-3.92%-1.61
+142026-03-0117,129,438-699,415-3.92%-1.61
+302026-03-0117,129,438-699,415-3.92%-1.61
+602026-04-0115,560,396-2,268,457-12.72%-5.21
+902026-05-0115,140,121-2,688,732-15.08%-6.18

One volatility unit for this series is 2.44%, the standard deviation of its own month-on-month percentage changes over the three years before the event (35 changes). It is not a significance test.

not explained by crude: actual pre-tax change since T0 minus the crude-only expected change. Never attributed

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30T0+30+60+900.161-0.1852026-01-26: 0.0057 € per litre, used for offsets −302026-02-09: 0.0020 € per litre, used for offsets −142026-02-16: 0.0017 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.0064 € per litre, used for offsets +3, +72026-03-09: 0.0658 € per litre, used for offsets +142026-03-30: 0.1279 € per litre, used for offsets +302026-04-27: 0.0622 € per litre, used for offsets +602026-05-25: -0.1511 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for not explained by crude: actual pre-tax change since T0 minus the crude-only expected change. Never attributed: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.0057+0.006not publishednot published
−142026-02-090.0020+0.002not publishednot published
−72026-02-160.0017+0.002not publishednot published
−32026-02-23same print as T000.000not publishednot published
−12026-02-23same print as T000.000not publishednot published
T02026-02-23same print as T000.000not publishednot published
+12026-02-23same print as T000.000not publishednot published
+32026-03-020.0064+0.006not publishednot published
+72026-03-020.0064+0.006not publishednot published
+142026-03-090.0658+0.066not publishednot published
+302026-03-300.1279+0.128not publishednot published
+602026-04-270.0622+0.062not publishednot published
+902026-05-25-0.1511-0.151not publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

Weekly Oil Bulletin price with taxes

Unit: € per litrePublished: weeklyCalculatedHigh
T0−30T0+30+60+902.1061.6272026-01-26: 1.673 € per litre, used for offsets −302026-02-09: 1.691 € per litre, used for offsets −142026-02-16: 1.695 € per litre, used for offsets −7same print as T0 — 2026-02-23, 1.702 € per litre, used for offsets −3, −1, T0, +12026-03-02: 1.721 € per litre, used for offsets +3, +72026-03-09: 1.869 € per litre, used for offsets +142026-03-30: 2.033 € per litre, used for offsets +302026-04-27: 2.060 € per litre, used for offsets +602026-05-25: 1.989 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for Weekly Oil Bulletin price with taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-261.673-0.028-1.67%-1.75
−142026-02-091.691-0.011-0.63%-0.67
−72026-02-161.695-0.006-0.37%-0.39
−32026-02-23same print as T01.7020.0000.00%0.00
−12026-02-23same print as T01.7020.0000.00%0.00
T02026-02-23same print as T01.7020.0000.00%0.00
+12026-02-23same print as T01.7020.0000.00%0.00
+32026-03-021.721+0.019+1.11%+1.17
+72026-03-021.721+0.019+1.11%+1.17
+142026-03-091.869+0.167+9.84%+10.36
+302026-03-302.033+0.331+19.44%+20.47
+602026-04-272.060+0.358+21.02%+22.13
+902026-05-251.989+0.287+16.89%+17.79

One volatility unit for this series is 0.95%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

Weekly Oil Bulletin price without taxes

Unit: € per litrePublished: weeklyCalculatedHigh
T0−30T0+30+60+901.2770.6372026-01-26: 0.6988 € per litre, used for offsets −302026-02-09: 0.7132 € per litre, used for offsets −142026-02-16: 0.7168 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.7220 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.7375 € per litre, used for offsets +3, +72026-03-09: 0.8593 € per litre, used for offsets +142026-03-30: 1.193 € per litre, used for offsets +302026-04-27: 1.215 € per litre, used for offsets +602026-05-25: 1.058 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for Weekly Oil Bulletin price without taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.6988-0.023-3.22%-1.86
−142026-02-090.7132-0.009-1.23%-0.71
−72026-02-160.7168-0.005-0.72%-0.42
−32026-02-23same print as T00.72200.0000.00%0.00
−12026-02-23same print as T00.72200.0000.00%0.00
T02026-02-23same print as T00.72200.0000.00%0.00
+12026-02-23same print as T00.72200.0000.00%0.00
+32026-03-020.7375+0.015+2.14%+1.24
+72026-03-020.7375+0.015+2.14%+1.24
+142026-03-090.8593+0.137+19.00%+11.00
+302026-03-301.193+0.471+65.26%+37.78
+602026-04-271.215+0.493+68.31%+39.54
+902026-05-251.058+0.336+46.49%+26.91

One volatility unit for this series is 1.73%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

total tax per litre: price with taxes minus price without taxes

Unit: € per litrePublished: weeklyCalculatedHigh
T0−30T0+30+60+901.0300.8192026-01-26: 0.9747 € per litre, used for offsets −302026-02-09: 0.9778 € per litre, used for offsets −142026-02-16: 0.9786 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.9798 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.9832 € per litre, used for offsets +3, +72026-03-09: 1.010 € per litre, used for offsets +142026-03-30: 0.8395 € per litre, used for offsets +302026-04-27: 0.8443 € per litre, used for offsets +602026-05-25: 0.9316 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for total tax per litre: price with taxes minus price without taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.9747-0.005-0.52%-1.02
−142026-02-090.9778-0.002-0.20%-0.39
−72026-02-160.9786-0.001-0.12%-0.23
−32026-02-23same print as T00.97980.0000.00%0.00
−12026-02-23same print as T00.97980.0000.00%0.00
T02026-02-23same print as T00.97980.0000.00%0.00
+12026-02-23same print as T00.97980.0000.00%0.00
+32026-03-020.9832+0.003+0.35%+0.68
+72026-03-020.9832+0.003+0.35%+0.68
+142026-03-091.010+0.030+3.08%+6.00
+302026-03-300.8395-0.140-14.32%-27.87
+602026-04-270.8443-0.135-13.83%-26.91
+902026-05-250.9316-0.048-4.92%-9.57

One volatility unit for this series is 0.51%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

US proxy - not a European price: US diesel spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).

Unit: $ per barrelPublished: dailyCalculatedLow
T0−30T0+30+60+9071.0527.842026-01-29: 32.03 $ per barrel, used for offsets −302026-02-13: 32.27 $ per barrel, used for offsets −142026-02-20: 37.84 $ per barrel, used for offsets −72026-02-25: 43.84 $ per barrel, used for offsets −3same print as T0 — 2026-02-27, 41.49 $ per barrel, used for offsets −1, T0, +12026-03-03: 52.13 $ per barrel, used for offsets +32026-03-06: 58.90 $ per barrel, used for offsets +72026-03-13: 66.83 $ per barrel, used for offsets +142026-03-30: 66.87 $ per barrel, used for offsets +302026-04-29: 54.93 $ per barrel, used for offsets +602026-05-29: 55.17 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for US proxy - not a European price: US diesel spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-2932.03-9.466-22.81%-3.77
−142026-02-1332.27-9.224-22.23%-3.68
−72026-02-2037.84-3.656-8.81%-1.46
−32026-02-2543.84+2.352+5.67%+0.94
−12026-02-27same print as T041.490.0000.00%0.00
T02026-02-27same print as T041.490.0000.00%0.00
+12026-02-27same print as T041.490.0000.00%0.00
+32026-03-0352.13+10.636+25.63%+4.24
+72026-03-0658.90+17.412+41.96%+6.94
+142026-03-1366.83+25.336+61.06%+10.10
+302026-03-3066.87+25.376+61.16%+10.12
+602026-04-2954.93+13.436+32.38%+5.36
+902026-05-2955.17+13.678+32.97%+5.45

One volatility unit for this series is 6.05%, the standard deviation of its own day-on-day percentage changes over the three years before the event (733 changes). It is not a significance test.

US proxy - not a European price: US gasoline spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).

Unit: $ per barrelPublished: dailyCalculatedLow
T0−30T0+30+60+9044.976.732026-01-29: 19.97 $ per barrel, used for offsets −302026-02-13: 10.43 $ per barrel, used for offsets −142026-02-20: 11.42 $ per barrel, used for offsets −72026-02-25: 13.39 $ per barrel, used for offsets −3same print as T0 — 2026-02-27, 15.87 $ per barrel, used for offsets −1, T0, +12026-03-03: 19.87 $ per barrel, used for offsets +32026-03-06: 20.56 $ per barrel, used for offsets +72026-03-13: 25.33 $ per barrel, used for offsets +142026-03-30: 21.09 $ per barrel, used for offsets +302026-04-29: 34.94 $ per barrel, used for offsets +602026-05-29: 41.27 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for US proxy - not a European price: US gasoline spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-2919.97+4.100+25.83%+0.93
−142026-02-1310.43-5.444-34.30%-1.23
−72026-02-2011.42-4.454-28.06%-1.00
−32026-02-2513.39-2.478-15.61%-0.56
−12026-02-27same print as T015.870.0000.00%0.00
T02026-02-27same print as T015.870.0000.00%0.00
+12026-02-27same print as T015.870.0000.00%0.00
+32026-03-0319.87+4.000+25.20%+0.90
+72026-03-0620.56+4.686+29.52%+1.06
+142026-03-1325.33+9.460+59.60%+2.13
+302026-03-3021.09+5.216+32.86%+1.18
+602026-04-2934.94+19.064+120.11%+4.30
+902026-05-2941.27+25.396+160.01%+5.73

One volatility unit for this series is 27.92%, the standard deviation of its own day-on-day percentage changes over the three years before the event (733 changes). It is not a significance test.

US proxy - not a European price: US jet spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).

Unit: $ per barrelPublished: dailyCalculatedLow
T0−30T0+30+60+9062.7117.062026-01-29: 23.42 $ per barrel, used for offsets −302026-02-13: 21.47 $ per barrel, used for offsets −142026-02-20: 27.04 $ per barrel, used for offsets −72026-02-25: 33.05 $ per barrel, used for offsets −3same print as T0 — 2026-02-27, 30.66 $ per barrel, used for offsets −1, T0, +12026-03-03: 41.29 $ per barrel, used for offsets +32026-03-06: 48.07 $ per barrel, used for offsets +72026-03-13: 56.03 $ per barrel, used for offsets +142026-03-30: 56.07 $ per barrel, used for offsets +302026-04-29: 58.29 $ per barrel, used for offsets +602026-05-29: 43.07 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for US proxy - not a European price: US jet spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-2923.42-7.240-23.62%-2.64
−142026-02-1321.47-9.182-29.95%-3.35
−72026-02-2027.04-3.614-11.79%-1.32
−32026-02-2533.05+2.394+7.81%+0.87
−12026-02-27same print as T030.660.0000.00%0.00
T02026-02-27same print as T030.660.0000.00%0.00
+12026-02-27same print as T030.660.0000.00%0.00
+32026-03-0341.29+10.636+34.69%+3.88
+72026-03-0648.07+17.412+56.80%+6.35
+142026-03-1356.03+25.378+82.78%+9.26
+302026-03-3056.07+25.418+82.91%+9.28
+602026-04-2958.29+27.632+90.14%+10.08
+902026-05-2943.07+12.418+40.51%+4.53

One volatility unit for this series is 8.94%, the standard deviation of its own day-on-day percentage changes over the three years before the event (733 changes). It is not a significance test.

Not available: licence-blocked

A source exists and its licence does not permit us to republish it. These channels are not missing from the world, only from this page.

Arabian Gulf to north-west Europe dirty tanker rate

Tanker freight rates are licensed such that public display, onward passing and derived data are all expressly prohibited, verified verbatim, and no open institution publishes a tanker rate.

13 offsets in the window are affected.

EU refined-product benchmark

EU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.

13 offsets in the window are affected.

north-west Europe refining margin / crack spread

No published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.

13 offsets in the window are affected.

wholesale / rack price

Wholesale / rack price series are proprietary with no redistribution grant.

13 offsets in the window are affected.

Source
European Commission, Directorate-General for Energy (DG ENER)Unknown
Period 2026-01Updated 2026-09-25 14:09 UTCConfidenceUnknownMethodologyDownload CSV

T0 is 2026-02-28. The baseline window is -90 to -31 days. Offsets materialised: -30, -14, -7, -3, -1, 0, 1, 3, 7, 14, 30, 60, 90. Method 1.0, calculation event_study-1.0, computed 2026-09-25 14:09 UTC.

Is Strait of Hormuz shipping disruption (2026) really the reason?

The question splits into dimensions that are measured separately and never added into one number. Each row says whether we can see that dimension at all, and gives one published figure where we can.

Of the eight price-transmission channels this site reports, 4 have data in this run Calculated - a count of the rows below, not a measurement.

Methodology §11.1 publishes the thresholds the sentences below use: all eight channels present for the full comparison, at least three for the claim to be testable here at all, and 2.0 volatility units for a move to be described as outside a series' normal variation. Those are published wording choices, not statistical tests.

Dimensions of exposure to Strait of Hormuz shipping disruption (2026), each with its status and one published figure.
DimensionStatusPublished figure, or why there is none
Direct crude exposure (D1)Share of imported crude whose route requires the Strait of Hormuz.Range only
3.815–12.16 % of imported tonnes at +30 d (2026-03) · no midpoint
Direct product exposure (D2)Share of imported refined product whose route requires the Strait of Hormuz.Range only
0–38.42 % of imported tonnes at +30 d (2026-03) · no midpoint
Emergency stock cover (D7)Days of cover the published emergency stocks amount to. A buffer against a supply disruption, not a share of imports, and not a price channel.Observed
90.25 days of cover at +30 d (published 2026-03-01)+0.12% from the level at T0 = +0.16 volatility units
Crude benchmarkThe quoted crude price European cargoes are priced against.Observed
121.9 $ per barrel at +30 d (published 2026-03-30)+70.89% from the level at T0 = +36.70 volatility units
Refined-product benchmarkThe quoted product price refineries and wholesalers price against.UnavailableEU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.
Refining marginWhat refining a barrel into this product earned.UnavailableNo published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.
Freight ratesWhat it cost to ship the cargo.UnavailableTanker freight rates are licensed such that public display, onward passing and derived data are all expressly prohibited, verified verbatim, and no open institution publishes a tanker rate.
InventoriesStocks held, which absorb or amplify a supply change.Observed
17,129,438 tonnes at +30 d (published 2026-03-01)-3.92% from the level at T0 = -1.61 volatility units
Wholesale pricesThe price between the refinery gate and the forecourt.UnavailableWholesale / rack price series are proprietary with no redistribution grant.
Pump price before taxThe pump price with excise, VAT and other fuel taxes stripped out.Observed
1.193 € per litre at +30 d (published 2026-03-30)+65.26% from the level at T0 = +37.78 volatility units
Pump price with taxWhat a driver actually paid.Observed
2.033 € per litre at +30 d (published 2026-03-30)+19.44% from the level at T0 = +20.47 volatility units

Physical exposure to the Strait of Hormuz and price exposure are different questions. A country with almost no direct physical exposure can still see its pump price move, because crude is priced globally - and a series that moved in this window may have moved for other reasons.

What the pump price did around this date

The decomposition page can be pinned to the weeks around the event date, so the pump move can be split into tax, input cost and the part the input cost does not account for.

Price decomposition, 2026-02-21 to 2026-03-30 →

The window is the published event date minus 7 days to plus 30 days. It is a window for looking, not a claim that the event caused what is inside it.

Actual vs crude-only: Italy, diesel (automotive gas oil)

What the pre-tax price did from four weeks before to thirteen weeks after the event week, next to what it would have done had it followed only the crude input cost at the speed the stored pass-through estimate measures. The shaded difference is not explained by crude; it is not attributed to the event or to anything else.

The crude-only comparison could not be read.

API 404 for /api/events/hormuz-2026/crude-only: No stored crude-only run for 'hormuz-2026' and country 'italy'. Runs are stored for the pilot countries; available_countries lists them.

What the numbers support, sentence by sentence

Each sentence comes from a fixed template, chosen by published thresholds. Open “why this sentence” to see the numbers that selected it. None of this text is written by a language model, and none of it attributes cause.

  1. In the 7 days after Strait of Hormuz shipping disruption (2026), Italy's pre-tax petrol price moved +1.9%, which is 1.3 times its normal week-to-week variation over the previous three years — within that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.6962721311475412
    status
    OBSERVED
    country
    Italy
    z_score
    1.2491347754464377
    t0_value
    0.6832967213114753
    fuel_type
    EURO_SUPER_95
    change_pct
    1.8989422064197325
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    7
    series_code
    RETAIL_PRETAX_IT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    1.2754260030764353
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.012975409836065821
    change_pct_from_t0
    1.8989422064197325
    observation_gap_days
    5
    normal_volatility_pct
    1.4888689754163107
    change_in_volatility_units
    1.2754260030764353
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.6962721311475412
    status
    OBSERVED
    country
    Italy
    z_score
    1.2491347754464377
    t0_value
    0.6832967213114753
    fuel_type
    EURO_SUPER_95
    change_pct
    1.8989422064197325
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_PRETAX_IT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    1.2754260030764353
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.012975409836065821
    change_pct_from_t0
    1.8989422064197325
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    1.4888689754163107
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    1.2754260030764353

    Template event.price_move.within_normal v1.1 · Fingerprint c172eff59f9b890b680d5e39f63736347ac6a3f6a38ea52d15773ad7cea8ebb0 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  2. In the 30 days after Strait of Hormuz shipping disruption (2026), Italy's pre-tax petrol price moved +38.7%, which is 26.0 times its normal week-to-week variation over the previous three years — outside that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.9478868852459016
    status
    OBSERVED
    country
    Italy
    z_score
    17.28995525592014
    t0_value
    0.6832967213114753
    fuel_type
    EURO_SUPER_95
    change_pct
    38.72258649603778
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    30
    series_code
    RETAIL_PRETAX_IT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    26.0080551985512
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.26459016393442625
    change_pct_from_t0
    38.72258649603778
    observation_gap_days
    0
    normal_volatility_pct
    1.4888689754163107
    change_in_volatility_units
    26.0080551985512
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.9478868852459016
    status
    OBSERVED
    country
    Italy
    z_score
    17.28995525592014
    t0_value
    0.6832967213114753
    fuel_type
    EURO_SUPER_95
    change_pct
    38.72258649603778
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_PRETAX_IT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    26.0080551985512
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.26459016393442625
    change_pct_from_t0
    38.72258649603778
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    1.4888689754163107
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    26.0080551985512

    Template event.price_move.outside_normal v1.1 · Fingerprint 698866174ff6c6f4e0ee31958f17cb82271a7ca944d67f9552cb4f1f1c4ed764 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  3. In the 90 days after Strait of Hormuz shipping disruption (2026), Italy's pre-tax petrol price moved +44.4%, which is 29.8 times its normal week-to-week variation over the previous three years — outside that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.9869032786885247
    status
    OBSERVED
    country
    Italy
    z_score
    19.777309247745244
    t0_value
    0.6832967213114753
    fuel_type
    EURO_SUPER_95
    change_pct
    44.432608544400246
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    90
    series_code
    RETAIL_PRETAX_IT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    29.843195927953435
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.30360655737704934
    change_pct_from_t0
    44.432608544400246
    observation_gap_days
    4
    normal_volatility_pct
    1.4888689754163107
    change_in_volatility_units
    29.843195927953435
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.9869032786885247
    status
    OBSERVED
    country
    Italy
    z_score
    19.777309247745244
    t0_value
    0.6832967213114753
    fuel_type
    EURO_SUPER_95
    change_pct
    44.432608544400246
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_PRETAX_IT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    29.843195927953435
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.30360655737704934
    change_pct_from_t0
    44.432608544400246
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    4
    normal_volatility_pct
    1.4888689754163107
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    29.843195927953435

    Template event.price_move.outside_normal v1.1 · Fingerprint bac357d9a6f76c8d7200f8991f45df2ff19069c7265298b52c00ecc98f52cb5c · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  4. In the 7 days after Strait of Hormuz shipping disruption (2026), Italy's tax-inclusive petrol price moved +1.0%, which is 1.3 times its normal week-to-week variation over the previous three years — within that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.67039
    status
    OBSERVED
    country
    Italy
    z_score
    -0.08937996088230184
    t0_value
    1.65456
    fuel_type
    EURO_SUPER_95
    change_pct
    0.9567498307707192
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    7
    series_code
    RETAIL_INCLTAX_IT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    1.2824024303016832
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.01583000000000001
    change_pct_from_t0
    0.9567498307707192
    observation_gap_days
    5
    normal_volatility_pct
    0.7460605252796076
    change_in_volatility_units
    1.2824024303016832
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.67039
    status
    OBSERVED
    country
    Italy
    z_score
    -0.08937996088230184
    t0_value
    1.65456
    fuel_type
    EURO_SUPER_95
    change_pct
    0.9567498307707192
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_INCLTAX_IT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    1.2824024303016832
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.01583000000000001
    change_pct_from_t0
    0.9567498307707192
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    0.7460605252796076
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    1.2824024303016832

    Template event.price_move.within_normal v1.1 · Fingerprint e86c2f000237f53c6a215a549d8951857f9211d2ade023f93669b9e102ad82d1 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  5. In the 30 days after Strait of Hormuz shipping disruption (2026), Italy's tax-inclusive petrol price moved +4.8%, which is 6.4 times its normal week-to-week variation over the previous three years — outside that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.73336
    status
    OBSERVED
    country
    Italy
    z_score
    1.4980316728008112
    t0_value
    1.65456
    fuel_type
    EURO_SUPER_95
    change_pct
    4.762595493665988
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    30
    series_code
    RETAIL_INCLTAX_IT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    6.3836583390885995
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.07879999999999998
    change_pct_from_t0
    4.762595493665988
    observation_gap_days
    0
    normal_volatility_pct
    0.7460605252796076
    change_in_volatility_units
    6.3836583390885995
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.73336
    status
    OBSERVED
    country
    Italy
    z_score
    1.4980316728008112
    t0_value
    1.65456
    fuel_type
    EURO_SUPER_95
    change_pct
    4.762595493665988
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_INCLTAX_IT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    6.3836583390885995
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.07879999999999998
    change_pct_from_t0
    4.762595493665988
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    0.7460605252796076
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    6.3836583390885995

    Template event.price_move.outside_normal v1.1 · Fingerprint 654f2f61a709ad321d4bd137501fa41d997518bde08e02565d1c40429a4eae23 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  6. In the 90 days after Strait of Hormuz shipping disruption (2026), Italy's tax-inclusive petrol price moved +18.7%, which is 25.1 times its normal week-to-week variation over the previous three years — outside that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.9639600000000002
    status
    OBSERVED
    country
    Italy
    z_score
    7.311230382143772
    t0_value
    1.65456
    fuel_type
    EURO_SUPER_95
    change_pct
    18.699835605840835
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    90
    series_code
    RETAIL_INCLTAX_IT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    25.064770179111854
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.3094000000000001
    change_pct_from_t0
    18.699835605840835
    observation_gap_days
    4
    normal_volatility_pct
    0.7460605252796076
    change_in_volatility_units
    25.064770179111854
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.9639600000000002
    status
    OBSERVED
    country
    Italy
    z_score
    7.311230382143772
    t0_value
    1.65456
    fuel_type
    EURO_SUPER_95
    change_pct
    18.699835605840835
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_INCLTAX_IT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    25.064770179111854
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.3094000000000001
    change_pct_from_t0
    18.699835605840835
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    4
    normal_volatility_pct
    0.7460605252796076
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    25.064770179111854

    Template event.price_move.outside_normal v1.1 · Fingerprint f7dd779eb0f78cf018da37031134bf58873b72d459b6b58334079b1e5c951ccb · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  7. In the 7 days after Strait of Hormuz shipping disruption (2026), Italy's pre-tax diesel price moved +2.1%, which is 1.2 times its normal week-to-week variation over the previous three years — within that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.7375016393442624
    status
    OBSERVED
    country
    Italy
    z_score
    0.855888754822648
    t0_value
    0.7220426229508196
    fuel_type
    DIESEL
    change_pct
    2.141011610958012
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    7
    series_code
    RETAIL_PRETAX_IT_DIESEL
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    1.239338602666797
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.015459016393442826
    change_pct_from_t0
    2.141011610958012
    observation_gap_days
    5
    normal_volatility_pct
    1.727543712711767
    change_in_volatility_units
    1.239338602666797
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.7375016393442624
    status
    OBSERVED
    country
    Italy
    z_score
    0.855888754822648
    t0_value
    0.7220426229508196
    fuel_type
    DIESEL
    change_pct
    2.141011610958012
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_PRETAX_IT_DIESEL
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    1.239338602666797
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.015459016393442826
    change_pct_from_t0
    2.141011610958012
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    1.727543712711767
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    1.239338602666797

    Template event.price_move.within_normal v1.1 · Fingerprint cadbff9bbc1106bec3940f0f521f15a358dc2e11e6adbaa8e1865d9d47d358ac · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  8. In the 30 days after Strait of Hormuz shipping disruption (2026), Italy's pre-tax diesel price moved +65.3%, which is 37.8 times its normal week-to-week variation over the previous three years — outside that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.1932721311475412
    status
    OBSERVED
    country
    Italy
    z_score
    16.233677320091203
    t0_value
    0.7220426229508196
    fuel_type
    DIESEL
    change_pct
    65.2633921070915
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    30
    series_code
    RETAIL_PRETAX_IT_DIESEL
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    37.778142241417434
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.4712295081967216
    change_pct_from_t0
    65.2633921070915
    observation_gap_days
    0
    normal_volatility_pct
    1.727543712711767
    change_in_volatility_units
    37.778142241417434
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.1932721311475412
    status
    OBSERVED
    country
    Italy
    z_score
    16.233677320091203
    t0_value
    0.7220426229508196
    fuel_type
    DIESEL
    change_pct
    65.2633921070915
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_PRETAX_IT_DIESEL
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    37.778142241417434
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.4712295081967216
    change_pct_from_t0
    65.2633921070915
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    1.727543712711767
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    37.778142241417434

    Template event.price_move.outside_normal v1.1 · Fingerprint faae1c76956deb497945a152dec97b7da328ae775dc4012c716afa6d7fe30342 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  9. In the 90 days after Strait of Hormuz shipping disruption (2026), Italy's pre-tax diesel price moved +46.5%, which is 26.9 times its normal week-to-week variation over the previous three years — outside that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.0576901639344263
    status
    OBSERVED
    country
    Italy
    z_score
    11.659114327175093
    t0_value
    0.7220426229508196
    fuel_type
    DIESEL
    change_pct
    46.48583481289423
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    90
    series_code
    RETAIL_PRETAX_IT_DIESEL
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    26.90863013817711
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.3356475409836067
    change_pct_from_t0
    46.48583481289423
    observation_gap_days
    4
    normal_volatility_pct
    1.727543712711767
    change_in_volatility_units
    26.90863013817711
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.0576901639344263
    status
    OBSERVED
    country
    Italy
    z_score
    11.659114327175093
    t0_value
    0.7220426229508196
    fuel_type
    DIESEL
    change_pct
    46.48583481289423
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_PRETAX_IT_DIESEL
    series_kind
    pre-tax
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    26.90863013817711
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.3356475409836067
    change_pct_from_t0
    46.48583481289423
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    4
    normal_volatility_pct
    1.727543712711767
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    26.90863013817711

    Template event.price_move.outside_normal v1.1 · Fingerprint 28867185118e74174de937dcbcce61edb6ce22964d23ac8481e5ebf8332190b9 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  10. In the 7 days after Strait of Hormuz shipping disruption (2026), Italy's tax-inclusive diesel price moved +1.1%, which is 1.2 times its normal week-to-week variation over the previous three years — within that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.72069
    status
    OBSERVED
    country
    Italy
    z_score
    2.6110393736768076
    t0_value
    1.70183
    fuel_type
    DIESEL
    change_pct
    1.1082187997626143
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    7
    series_code
    RETAIL_INCLTAX_IT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    1.166839419222257
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.0188600000000001
    change_pct_from_t0
    1.1082187997626143
    observation_gap_days
    5
    normal_volatility_pct
    0.9497611937907312
    change_in_volatility_units
    1.166839419222257
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.72069
    status
    OBSERVED
    country
    Italy
    z_score
    2.6110393736768076
    t0_value
    1.70183
    fuel_type
    DIESEL
    change_pct
    1.1082187997626143
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_INCLTAX_IT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    1.166839419222257
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.0188600000000001
    change_pct_from_t0
    1.1082187997626143
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    0.9497611937907312
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    1.166839419222257

    Template event.price_move.within_normal v1.1 · Fingerprint 0aa2b38d301ff731f092ffb085fe6242852cda4c04c1cd379adbb54797aabf69 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  11. In the 30 days after Strait of Hormuz shipping disruption (2026), Italy's tax-inclusive diesel price moved +19.4%, which is 20.5 times its normal week-to-week variation over the previous three years — outside that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    2.03273
    status
    OBSERVED
    country
    Italy
    z_score
    16.562747078420134
    t0_value
    1.70183
    fuel_type
    DIESEL
    change_pct
    19.443775230193378
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    30
    series_code
    RETAIL_INCLTAX_IT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    20.47227803927056
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.33089999999999997
    change_pct_from_t0
    19.443775230193378
    observation_gap_days
    0
    normal_volatility_pct
    0.9497611937907312
    change_in_volatility_units
    20.47227803927056
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    2.03273
    status
    OBSERVED
    country
    Italy
    z_score
    16.562747078420134
    t0_value
    1.70183
    fuel_type
    DIESEL
    change_pct
    19.443775230193378
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_INCLTAX_IT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    20.47227803927056
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.33089999999999997
    change_pct_from_t0
    19.443775230193378
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    0.9497611937907312
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    20.47227803927056

    Template event.price_move.outside_normal v1.1 · Fingerprint 108486c4c9b8bba12157cd5f0ca0f82f5f047b3fad19f61476e5e28c19600c93 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  12. In the 90 days after Strait of Hormuz shipping disruption (2026), Italy's tax-inclusive diesel price moved +16.9%, which is 17.8 times its normal week-to-week variation over the previous three years — outside that range.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.98932
    status
    OBSERVED
    country
    Italy
    z_score
    14.621830428430046
    t0_value
    1.70183
    fuel_type
    DIESEL
    change_pct
    16.89299166191688
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    90
    series_code
    RETAIL_INCLTAX_IT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    17.786567583892097
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.28749
    change_pct_from_t0
    16.89299166191688
    observation_gap_days
    4
    normal_volatility_pct
    0.9497611937907312
    change_in_volatility_units
    17.786567583892097
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.98932
    status
    OBSERVED
    country
    Italy
    z_score
    14.621830428430046
    t0_value
    1.70183
    fuel_type
    DIESEL
    change_pct
    16.89299166191688
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_INCLTAX_IT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    17.786567583892097
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.28749
    change_pct_from_t0
    16.89299166191688
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    4
    normal_volatility_pct
    0.9497611937907312
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    17.786567583892097

    Template event.price_move.outside_normal v1.1 · Fingerprint cae4e2073aef9975b2450dcbd636c1b0f055c1dc04c6d17e12e5c90a27ef5c5e · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  13. Over the 4 weeks after Strait of Hormuz shipping disruption (2026), crude costs alone would have moved Italy's pre-tax petrol price by +16.5 c/L (range +10.1–+22.9); it actually moved +30.2 c/L, leaving +13.7 c/L not explained by crude. Over the same period the US gasoline crack spread, a proxy for the Atlantic product market and not a European margin, widened by 9.9 $/bbl.

    about ItalyCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    4
    status
    COMPUTED
    country
    Italy
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    series_code
    CRUDE_ONLY_EXPECTED_IT_EURO_SUPER_95
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    offset_weeks
    4
    proxy_product
    GASOLINE
    proxy_to_date
    2026-03-23
    pass_through_k
    2
    proxy_from_date
    2026-02-23
    observation_date
    2026-03-23
    gap_eur_per_litre
    0.13684450996227399
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    actual_eur_per_litre
    0.3017868852459018
    expected_eur_per_litre
    0.16494237528362782
    proxy_volatility_units
    2.8999750350600633
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    9.9
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    expected_low_eur_per_litre
    0.10120243473319285
    expected_high_eur_per_litre
    0.2286823158340637
    proxy_normal_volatility_pct
    27.922644296421584
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    4
    status
    COMPUTED
    country
    Italy
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_IT_EURO_SUPER_95
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    offset_weeks
    4
    proxy_product
    GASOLINE
    proxy_to_date
    2026-03-23
    pass_through_k
    2
    proxy_from_date
    2026-02-23
    statement_topic
    event
    observation_date
    2026-03-23
    gap_eur_per_litre
    0.13684450996227399
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.3017868852459018
    expected_eur_per_litre
    0.16494237528362782
    proxy_volatility_units
    2.8999750350600633
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    9.9
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.10120243473319285
    expected_high_eur_per_litre
    0.2286823158340637
    proxy_normal_volatility_pct
    27.922644296421584

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint 7cdac34b045b37158eab2cd791acf01f1dfbff3ded64b0b9133eb5eba362166a · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  14. Over the 13 weeks after Strait of Hormuz shipping disruption (2026), crude costs alone would have moved Italy's pre-tax petrol price by +21.0 c/L (range +1.7–+40.4); it actually moved +30.4 c/L, leaving +9.3 c/L not explained by crude. Over the same period the US gasoline crack spread, a proxy for the Atlantic product market and not a European margin, widened by 27.0 $/bbl.

    about ItalyCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    13
    status
    COMPUTED
    country
    Italy
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    series_code
    CRUDE_ONLY_EXPECTED_IT_EURO_SUPER_95
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    offset_weeks
    13
    proxy_product
    GASOLINE
    proxy_to_date
    2026-05-22
    pass_through_k
    2
    proxy_from_date
    2026-02-23
    observation_date
    2026-05-25
    gap_eur_per_litre
    0.09325602672576977
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    actual_eur_per_litre
    0.30360655737704934
    expected_eur_per_litre
    0.21035053065127957
    proxy_volatility_units
    7.918982333112501
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    27.034
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    expected_low_eur_per_litre
    0.016750228422658688
    expected_high_eur_per_litre
    0.40395083287990263
    proxy_normal_volatility_pct
    27.922644296421584
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    13
    status
    COMPUTED
    country
    Italy
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_IT_EURO_SUPER_95
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    offset_weeks
    13
    proxy_product
    GASOLINE
    proxy_to_date
    2026-05-22
    pass_through_k
    2
    proxy_from_date
    2026-02-23
    statement_topic
    event
    observation_date
    2026-05-25
    gap_eur_per_litre
    0.09325602672576977
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.30360655737704934
    expected_eur_per_litre
    0.21035053065127957
    proxy_volatility_units
    7.918982333112501
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    27.034
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.016750228422658688
    expected_high_eur_per_litre
    0.40395083287990263
    proxy_normal_volatility_pct
    27.922644296421584

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint 1cdd5697a23bcd9509986f58033f7ffb5670c9e657e349b7b69065e282795c6c · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  15. Over the 4 weeks after Strait of Hormuz shipping disruption (2026), crude costs alone would have moved Italy's pre-tax diesel price by +28.0 c/L (range +21.0–+35.0); it actually moved +46.3 c/L, leaving +18.3 c/L not explained by crude. Over the same period the US diesel crack spread, a proxy for the Atlantic product market and not a European margin, widened by 28.8 $/bbl.

    about ItalyCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    4
    status
    COMPUTED
    country
    Italy
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    series_code
    CRUDE_ONLY_EXPECTED_IT_DIESEL
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    offset_weeks
    4
    proxy_product
    DIESEL
    proxy_to_date
    2026-03-23
    pass_through_k
    3
    proxy_from_date
    2026-02-23
    observation_date
    2026-03-23
    gap_eur_per_litre
    0.1834686437994375
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    actual_eur_per_litre
    0.46337704918032807
    expected_eur_per_litre
    0.27990840538089057
    proxy_volatility_units
    10.98407307729496
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    28.757999999999996
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    expected_low_eur_per_litre
    0.2096285305497461
    expected_high_eur_per_litre
    0.35018828021203535
    proxy_normal_volatility_pct
    6.045708372099533
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    4
    status
    COMPUTED
    country
    Italy
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_IT_DIESEL
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    offset_weeks
    4
    proxy_product
    DIESEL
    proxy_to_date
    2026-03-23
    pass_through_k
    3
    proxy_from_date
    2026-02-23
    statement_topic
    event
    observation_date
    2026-03-23
    gap_eur_per_litre
    0.1834686437994375
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.46337704918032807
    expected_eur_per_litre
    0.27990840538089057
    proxy_volatility_units
    10.98407307729496
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    28.757999999999996
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.2096285305497461
    expected_high_eur_per_litre
    0.35018828021203535
    proxy_normal_volatility_pct
    6.045708372099533

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint 05354d835a75e3c2363c6a296cad9852e3ec511bab32855882098bef64de9319 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  16. Over the 13 weeks after Strait of Hormuz shipping disruption (2026), crude costs alone would have moved Italy's pre-tax diesel price by +48.7 c/L (range +30.4–+67.0); it actually moved +33.6 c/L, leaving -15.1 c/L not explained by crude. Over the same period the US diesel crack spread, a proxy for the Atlantic product market and not a European margin, widened by 16.0 $/bbl.

    about ItalyCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    13
    status
    COMPUTED
    country
    Italy
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    series_code
    CRUDE_ONLY_EXPECTED_IT_DIESEL
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    offset_weeks
    13
    proxy_product
    DIESEL
    proxy_to_date
    2026-05-22
    pass_through_k
    3
    proxy_from_date
    2026-02-23
    observation_date
    2026-05-25
    gap_eur_per_litre
    -0.15111359834143634
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    actual_eur_per_litre
    0.3356475409836067
    expected_eur_per_litre
    0.48676113932504306
    proxy_volatility_units
    6.106591569642946
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    15.988
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    expected_low_eur_per_litre
    0.3038166315310599
    expected_high_eur_per_litre
    0.6697056471190267
    proxy_normal_volatility_pct
    6.045708372099533
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    13
    status
    COMPUTED
    country
    Italy
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_IT_DIESEL
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    offset_weeks
    13
    proxy_product
    DIESEL
    proxy_to_date
    2026-05-22
    pass_through_k
    3
    proxy_from_date
    2026-02-23
    statement_topic
    event
    observation_date
    2026-05-25
    gap_eur_per_litre
    -0.15111359834143634
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.3356475409836067
    expected_eur_per_litre
    0.48676113932504306
    proxy_volatility_units
    6.106591569642946
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    15.988
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.3038166315310599
    expected_high_eur_per_litre
    0.6697056471190267
    proxy_normal_volatility_pct
    6.045708372099533

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint 91a74af18be17c96bb10d5654def992d5ee1a53d16e0eed66cffb786c880050c · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  17. Direct physical dependence on Hormuz-linked crude was moderate (5%–16%) for Italy in 2026-02. No point estimate is published: the origins concerned export from both inside and outside the Persian Gulf and the split per period is not public.

    about ItalyCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    band
    moderate
    unit
    % of imported tonnes
    period
    2026-02
    status
    NO_OBSERVATION
    country
    Italy
    commodity
    crude
    dimension
    DIRECT_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    value_max_pct
    15.7225623805809
    value_min_pct
    4.76603993261654
    exposure_status
    RANGE_ONLY
    value_point_pct
    null
    observation_date
    2026-02-01
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md §9 publishes no bands
    band_applied_to
    upper bound of the range (docs/HORMUZ_METHOD.md §3.2: a range has no meaningful midpoint)
    dependence_limited_max_pct
    10
    dependence_moderate_max_pct
    33
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    band
    moderate
    unit
    % of imported tonnes
    period
    2026-02
    status
    NO_OBSERVATION
    country
    Italy
    commodity
    crude
    dimension
    DIRECT_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    value_max_pct
    15.7225623805809
    value_min_pct
    4.76603993261654
    exposure_status
    RANGE_ONLY
    statement_topic
    hormuz
    value_point_pct
    null
    observation_date
    2026-02-01
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.dependence.range v1.1 · Fingerprint 0a2194bc5ed6dc3700f86a10c5714b9eb83cbfed68d57ff4870c86ceb2fd2696 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  18. Direct physical dependence on Hormuz-linked refined product was significant (0%–40%) for Italy in 2026-02. No point estimate is published: the origins concerned export from both inside and outside the Persian Gulf and the split per period is not public.

    about ItalyCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    band
    significant
    unit
    % of imported tonnes
    period
    2026-02
    status
    NO_OBSERVATION
    country
    Italy
    commodity
    refined product
    dimension
    DIRECT_PRODUCT
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    value_max_pct
    39.802804447744
    value_min_pct
    0
    exposure_status
    PARTIAL
    value_point_pct
    null
    observation_date
    2026-02-01
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md §9 publishes no bands
    band_applied_to
    upper bound of the range (docs/HORMUZ_METHOD.md §3.2: a range has no meaningful midpoint)
    dependence_limited_max_pct
    10
    dependence_moderate_max_pct
    33
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    band
    significant
    unit
    % of imported tonnes
    period
    2026-02
    status
    NO_OBSERVATION
    country
    Italy
    commodity
    refined product
    dimension
    DIRECT_PRODUCT
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    value_max_pct
    39.802804447744
    value_min_pct
    0
    exposure_status
    PARTIAL
    statement_topic
    hormuz
    value_point_pct
    null
    observation_date
    2026-02-01
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.dependence.range v1.1 · Fingerprint f086fe71ef60fbda2ff6c71c5a45d29a8af32fce7947abecd852c19011a18c8b · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  19. Available evidence does not show a physical supply reduction: Italy's reported crude imports in 2026-02 were -2.2% against the mean of the previous 12 months.

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    unit
    tonnes
    month
    2026-02
    country
    Italy
    change_pct
    -2.1864478980188466
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    partner_role
    ORIGIN
    value_tonnes
    4422450
    baseline_months
    12
    observation_date
    2026-02-01
    series_source_ids
    ["eurostat_nrg_ti_oilm"]
    baseline_mean_tonnes
    4521306
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md publishes no cut-off
    min_baseline_months
    6
    baseline_months_used
    12
    supply_reduction_pct
    -10
    supply_baseline_months
    12
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    unit
    tonnes
    month
    2026-02
    country
    Italy
    change_pct
    -2.1864478980188466
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    partner_role
    ORIGIN
    value_tonnes
    4422450
    baseline_months
    12
    statement_topic
    event
    observation_date
    2026-02-01
    series_source_ids
    ["eurostat_nrg_ti_oilm"]
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    baseline_mean_tonnes
    4521306
    study_calculation_version
    event_study-1.0

    Template event.supply.no_reduction v1.1 · Fingerprint 15ef221c356937a1bb47c5dc52f6b0094fee77812cd950c6a4b1ff318be08fad · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  20. In 2026-02, Italy's oil stocks stood 2.6% above their trailing 12-month mean — inside the 5% either side that this site reads as in line with it, with 90.1 days of cover (as published).

    about ItalyCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    unit
    tonnes
    month
    2026-02
    status
    OBSERVED
    country
    Italy
    direction
    above
    siec_code
    O4000
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    holder_type
    STK_CL
    series_code
    INVENTORY_IT
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    days_of_cover
    90.14
    metric_status
    COMPUTED
    mom_change_pct
    4.958084414687989
    observation_date
    2026-02-01
    series_source_ids
    ["eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm"]
    total_stock_tonnes
    17828853
    days_of_cover_basis
    as published by Eurostat (nrg_stk_oem, STK_EUE_DIR); not stocks divided by consumption (docs/HORMUZ_METHOD.md D7)
    observation_gap_days
    27
    trailing_12m_mean_tonnes
    17374996.583333332
    level_vs_trailing_12m_pct
    2.612123775045922
    trailing_12m_observations
    12
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md publishes no band
    band_applied_to
    the rounded figure printed in the sentence
    days_of_cover_basis
    as published (Eurostat nrg_stk_oem, STK_EUE_DIR); never stocks divided by consumption (docs/HORMUZ_METHOD.md D7)
    trailing_window_months
    12
    level_vs_trailing_12m_pct_raw
    2.612123775045922
    level_vs_trailing_12m_pct_shown
    2.6
    inventory_material_deviation_pct
    5
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    unit
    tonnes
    month
    2026-02
    status
    OBSERVED
    country
    Italy
    direction
    above
    siec_code
    O4000
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    holder_type
    STK_CL
    series_code
    INVENTORY_IT
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    days_of_cover
    90.14
    metric_status
    COMPUTED
    mom_change_pct
    4.958084414687989
    statement_topic
    event
    observation_date
    2026-02-01
    series_source_ids
    ["eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm"]
    total_stock_tonnes
    17828853
    calculation_version
    event_statements-1.0
    days_of_cover_basis
    as published by Eurostat (nrg_stk_oem, STK_EUE_DIR); not stocks divided by consumption (docs/HORMUZ_METHOD.md D7)
    methodology_version
    1.0
    observation_gap_days
    27
    trailing_12m_mean_tonnes
    17374996.583333332
    level_vs_trailing_12m_pct
    2.612123775045922
    study_calculation_version
    event_study-1.0
    trailing_12m_observations
    12

    Template event.inventory_level.in_line v1.1 · Fingerprint f8e25adba237881659acee76835836bdbd3dd0aa129b9261264b73ba1a6c5629 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  21. Summary of what can be checked here

    Only part of the chain can be checked for Italy around Strait of Hormuz shipping disruption (2026): 4 of the 8 series the method compares are available (crude benchmark, inventories, pre-tax pump price and pump price with tax), while refined-product benchmark, refining margin, freight rates and wholesale prices are not. Any claim that rests on the missing links cannot be tested here. Direct physical dependence on Hormuz-linked crude was moderate (5–16%) over the period covered. This page describes what each series did around the event date. It is not a finding about cause: no causal design is published for this site, and a series that moved in the same window may have moved for other reasons.

    about ItalyUnknownUnknown
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    event
    Strait of Hormuz shipping disruption (2026)
    country
    Italy
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    dependence_band
    moderate
    dependence_range
    5–16%
    channels_available
    ["crude benchmark","inventories","pre-tax pump price","pump price with tax"]
    supply_template_id
    event.supply.no_reduction
    channels_unavailable
    ["refined-product benchmark","refining margin","freight rates","wholesale prices"]
    Thresholds
    source
    v1 choice of this module; the channel list is docs/PRICE_MODEL.md §2.3
    channels_total
    8
    channels_available
    4
    verdict_partial_min_channels
    3
    verdict_assessable_min_channels
    8
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    event
    Strait of Hormuz shipping disruption (2026)
    country
    Italy
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    IT
    country_name
    Italy
    country_slug
    italy
    dependence_band
    moderate
    statement_topic
    event
    dependence_range
    5–16%
    channels_available
    ["crude benchmark","inventories","pre-tax pump price","pump price with tax"]
    supply_template_id
    event.supply.no_reduction
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    channels_unavailable
    ["refined-product benchmark","refining margin","freight rates","wholesale prices"]
    study_calculation_version
    event_study-1.0

    Template event.verdict.partial v1.1 · Fingerprint a58d64190db6966f26ef26119b06504ddfe1b34fb55d14ea5ce0006da65ef8d4 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  22. In the 7 days after Strait of Hormuz shipping disruption (2026), the Brent crude benchmark moved +34.2%, which is 17.7 times its normal day-to-day variation over the previous three years — outside that range.

    about the event as a wholeCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    95.74
    status
    OBSERVED
    z_score
    11.429511613277612
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    34.24004486819967
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    7
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2026-03-06
    same_observation
    false
    volatility_units
    17.72499106459417
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    24.42
    change_pct_from_t0
    34.24004486819967
    observation_gap_days
    1
    normal_volatility_pct
    1.9317383429656259
    change_in_volatility_units
    17.72499106459417
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (day-to-day)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    95.74
    status
    OBSERVED
    z_score
    11.429511613277612
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    34.24004486819967
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    BRENT
    statement_topic
    event
    variation_label
    day-to-day
    observation_date
    2026-03-06
    same_observation
    false
    volatility_units
    17.72499106459417
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    24.42
    change_pct_from_t0
    34.24004486819967
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    1
    normal_volatility_pct
    1.9317383429656259
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    17.72499106459417

    Template event.benchmark_move.outside_normal v1.1 · Fingerprint 4ea435198e2ad85179076b27dc38a89512f04178c41f341853cd2dbe9edcddb3 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  23. In the 30 days after Strait of Hormuz shipping disruption (2026), the Brent crude benchmark moved +70.9%, which is 36.7 times its normal day-to-day variation over the previous three years — outside that range.

    about the event as a wholeCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    121.88
    status
    OBSERVED
    z_score
    20.908399390463835
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    70.89175546831184
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    30
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    36.69842539827523
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    50.56
    change_pct_from_t0
    70.89175546831184
    observation_gap_days
    0
    normal_volatility_pct
    1.9317383429656259
    change_in_volatility_units
    36.69842539827523
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (day-to-day)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    121.88
    status
    OBSERVED
    z_score
    20.908399390463835
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    70.89175546831184
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    BRENT
    statement_topic
    event
    variation_label
    day-to-day
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    36.69842539827523
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    50.56
    change_pct_from_t0
    70.89175546831184
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    1.9317383429656259
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    36.69842539827523

    Template event.benchmark_move.outside_normal v1.1 · Fingerprint 29bbc9c1226a318de551eedf873f282db221eb9ec716b009f1161b898b5d397c · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  24. In the 90 days after Strait of Hormuz shipping disruption (2026), the Brent crude benchmark moved +30.2%, which is 15.6 times its normal day-to-day variation over the previous three years — outside that range.

    about the event as a wholeCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    92.88
    status
    OBSERVED
    z_score
    10.392418306362824
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    30.22994952327538
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    90
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2026-05-29
    same_observation
    false
    volatility_units
    15.64909121018224
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    21.560000000000002
    change_pct_from_t0
    30.22994952327538
    observation_gap_days
    0
    normal_volatility_pct
    1.9317383429656259
    change_in_volatility_units
    15.64909121018224
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (day-to-day)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    92.88
    status
    OBSERVED
    z_score
    10.392418306362824
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    30.22994952327538
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    BRENT
    statement_topic
    event
    variation_label
    day-to-day
    observation_date
    2026-05-29
    same_observation
    false
    volatility_units
    15.64909121018224
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    21.560000000000002
    change_pct_from_t0
    30.22994952327538
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    1.9317383429656259
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    15.64909121018224

    Template event.benchmark_move.outside_normal v1.1 · Fingerprint da6e291650428ea4feda72840b110dea4b3e2942f69e01f932de816d3716527d · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  25. Freight rates reaction cannot be assessed: tanker freight rates are licensed such that public display, onward passing and derived data are all expressly prohibited, verified verbatim, and no open institution publishes a tanker rate.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["freight rates"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    reason_code
    NO_LICENSED_FREIGHT_SOURCE
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["freight rates"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_LICENSED_FREIGHT_SOURCE
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint cbf9fd2371d9caad14a75cea5013e1be30bd2eb2033908f832c88c88067f87e7 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  26. Refined-product benchmark reaction cannot be assessed: EU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["refined-product benchmark"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    reason_code
    NO_LICENSED_PRODUCT_BENCHMARK
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["refined-product benchmark"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_LICENSED_PRODUCT_BENCHMARK
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint 8af490b1ea34e00f40494098d666c15e05cfca35931abd7a50a334f8e61f0d3e · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  27. Wholesale prices reaction cannot be assessed: wholesale / rack price series are proprietary with no redistribution grant.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["wholesale prices"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    reason_code
    NO_LICENSED_WHOLESALE_SERIES
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["wholesale prices"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_LICENSED_WHOLESALE_SERIES
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint cb537d4c961760559b281257dfa2ff078da30874030ebc0d45438e5b240ce371 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  28. Refining margin reaction cannot be assessed: no published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["refining margin"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    reason_code
    NO_REFINERY_MARGIN_SERIES
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["refining margin"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_REFINERY_MARGIN_SERIES
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint c3272c131b1b047dc850145474462c0a9daea21ea6429e3edc6c8e07abc867e8 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

What this does not show

  • It does not show that the event caused anything. No causal design is published for this site, and a series that moved in this window may have moved for other reasons.
  • A change in volatility units is not a significance test, and neither is a z-score. They measure different things and are not interchangeable.
  • Channels with no licensed or loaded source are shown as empty panels, not as flat lines. “We cannot see this” is not “this did not move”.
  • Nothing is interpolated. Where several offsets resolve to one published figure, that is what the publisher printed, and the change against the event date is zero because it is the same number.

Italy: supply, refineries and pump prices →

How to read the labels

  • OfficialReported directly by an official authority.
  • VerifiedReported by a third party we have verified against a primary record.
  • CalculatedComputed by us from reported inputs. The method is published on the methodology page.
  • Inferred · highNot reported. Inferred from at least two independent physical records.
  • Inferred · mediumNot reported. Inferred from strong indirect evidence, with no explicit confirmation.
  • Inferred · lowNot reported. Plausible from infrastructure or movement data only. Do not read as fact.
  • UnknownNo defensible public evidence establishes this. We are not guessing, and this is not a measurement of zero.