Oil prices fell in early trading on Monday, extending a decline from the two-month high reached last week as the United States and Iran refrained from launching further military strikes in the Persian Gulf.

Brent crude for September delivery fell 4.66 per cent to $92.27 a barrel, while US West Texas Intermediate crude dropped 5.02 per cent to $84.83.

Brent, the international benchmark, briefly reached $102 a barrel last week. That was about $30 higher than the most actively traded contract had been at the beginning of the month and marked the highest level since May.

Oil prices had risen sharply this month as fighting in the Middle East intensified and markets grew concerned that a return to full-scale war could further disrupt global crude supplies.

The safety of tanker traffic through the Strait of Hormuz has remained a major concern for energy markets since the United States and Israel attacked Iran in late February. The narrow waterway off Iran’s coast carries about one-fifth of the world’s oil supplies from the Persian Gulf to international markets.

The conflict has severely reduced shipping activity through the strait, forcing producers and exporters to seek alternative routes. Those routes have also come under pressure, with attacks last week targeting Saudi oil tankers travelling through the Red Sea.

Any prolonged reduction in available crude supplies could push prices higher and raise fuel costs for consumers and businesses.

The latest decline in oil prices comes as inflation had begun to ease more quickly than many economists expected. However, the recent surge in energy prices has renewed concerns about the outlook for consumer prices.

Traders are now pricing in a 36 per cent chance that the Federal Reserve will raise its main interest rate at an upcoming meeting, according to CME Group data.

Higher interest rates can help reduce inflation by limiting borrowing and spending, but they can also slow economic activity by making loans more expensive for households and businesses.

Although oil prices have surrendered part of their substantial July gains, uncertainty remains high. Markets continue to monitor developments in the Middle East, the safety of key shipping routes and the potential impact of ongoing geopolitical tensions on global crude supplies.

Any renewed military action or further attacks on alternative shipping routes could quickly push prices higher again, while a sustained diplomatic pause could allow supply concerns to ease.

Fuel prices in Italy have returned to the centre of political and economic debate, with petrol and diesel costs rising above €2.60 a litre in parts of Milan and on several motorways.

The latest increases have raised concerns among households, businesses and consumer groups, while the government prepares measures aimed at limiting the impact of higher fuel costs.

A petrol station in central Milan recorded a price of €2.60 a litre on Saturday. Prices above €2.70 for diesel and €2.50 for petrol were also reported on several major motorways, including the A21 Turin-Piacenza, A4 Venice-Trieste and A22 Brenner-Modena routes. Some stations on the Milan-Brescia and Messina-Palermo routes also reported sharp increases.

In Rome, petrol prices reached €2.30 a litre at several filling stations.

The latest increase follows the end of a government excise-duty cut introduced during the energy crisis linked to the war between the US and Iran. The measure expired on July 3.

According to the latest data from the Fuel Price Observatory, the average self-service price on Italy’s national road network stood at €1.981 a litre for petrol and €2.184 for diesel. On motorways, the averages were €2.071 for petrol and €2.255 for diesel.

Consumer group Codacons warned that Italians could spend €10.8 billion on fuel during July, almost €2 billion more than in the same period last year.

The organisation estimated that households could spend an additional €841 million on petrol and diesel this month compared with July 2025, assuming fuel consumption remains unchanged.

The research office of Cgia di Mestre estimated that households and businesses could face almost €29 billion in additional costs for electricity, gas and fuels during 2026. Petrol and diesel were expected to account for €13.6 billion of that increase, up 20.4% from last year.

The government is considering a variable excise-duty system that could allow tax reductions when fuel prices rise and VAT revenues increase.

Business and Made in Italy Minister Adolfo Urso said the government was waiting for Economy Ministry calculations on additional VAT revenue before determining the scale of any possible cut.

Urso defended the government’s efforts to monitor fuel prices and tackle speculation, saying Italy’s system had helped limit increases compared with other countries.

Opposition parties have called for faster and more substantial action. Democratic Party leader Elly Schlein urged Prime Minister Giorgia Meloni to accept the variable excise-duty proposal.

Five Star Movement leader Giuseppe Conte called for broader measures to protect families and businesses from rising energy costs.

With fuel prices continuing to put pressure on household budgets and company finances, the government is now under growing pressure to act before the increase feeds into wider inflation and transport costs.

The United States holds the largest share of personal wealth among major economies, but European countries perform more strongly when wealth is measured by the typical adult rather than the average.

The findings come from the UBS Global Wealth Report 2026, which examines 56 markets representing more than 92% of global wealth. The US accounts for 38.1% of personal wealth covered by the report, compared with 21.9% for Western Europe and 3.3% for Eastern Europe.

Switzerland topped the global ranking for average wealth per adult at the end of 2025, with €777,506. The US ranked second at €594,651, while Luxembourg was the wealthiest European Union country, with an average of €559,170 per adult.

Hong Kong, Australia and Singapore also recorded average wealth above €450,000. Denmark, Norway and the Netherlands completed the European representation in the top 10.

Belgium and Sweden also recorded average wealth above €300,000 per adult.

Among Europe’s five largest economies, Germany ranked highest at 14th, with average wealth of €296,023 per adult. France followed with €291,536, Spain with €261,689, the UK with €250,071 and Italy with €238,653.

Ireland recorded €268,312, while Austria, Finland, Portugal, Malta and Greece also appeared among the global top 30.

The rankings changed sharply when wealth was measured by the median, which represents the middle adult in a wealth distribution.

Luxembourg remained at the top, with median wealth of €336,498, followed by Belgium at €236,712. Australia, New Zealand and Hong Kong also remained among the top 10, while Denmark, Switzerland and Norway were the other European countries in the group.

Italy performed particularly strongly, recording median wealth of €111,881 and ranking 11th globally. The UK recorded €107,042, France €104,106 and Spain €95,290.

Germany, however, fell to the bottom of the global ranking, with median wealth of €45,679. The US also dropped sharply to third from last, with median wealth of €58,927 despite ranking second for average wealth.

The difference suggests that wealth is more heavily concentrated among the richest households in the US and some other economies. Germany, Sweden and Singapore also ranked significantly lower for median wealth than for average wealth.

Japan climbed 14 places when median wealth was used, while Italy, Malta, Belgium and the UK also performed better on the measure.

The report noted that median wealth can provide a clearer picture of the financial position of the middle of a population. Regional differences remain substantial, with average wealth per adult at €594,651 in the US, compared with €287,884 in Western Europe and €53,055 in Eastern Europe.