The U.S.-Israel military campaign against Iran has entered its 20th day—what is the current situation? What other information is worth watching?

The specifics of this latest strike remain unclear, but Spadoni stated that other television reporting teams were also conducting interviews in the area at the time. The incident occurred near a strategic site long targeted by the Israeli military—the bridges along the Litani River. RT (Russia Today) has not yet issued an official statement. (20:45, March 19, 2026) 4698. Hezbollah claims to have launched rockets at Israeli military bases and positions in southern Lebanon. Hezbollah stated it fired rockets at an Israeli military base and a village inside Israel, as well as at Israeli forces stationed in southern Lebanon. In a Telegram post, the group said it launched missiles at the Tefen military base east of Acre and at the northern Israeli settlement of Even Menachem. Additionally, Hezbollah claimed it fired rockets at a newly established Israeli military position in Nimr al-Jamal—directly opposite the border town of Alma al-Shaab—and attacked a group of Israeli soldiers in the al-Labouneh area of southern Lebanon. (20:45, March 19, 2026) 4697. U.S. Treasury Secretary Bessent expressed renewed optimism on Thursday regarding the possibility of other countries assisting in ensuring safe passage for vessels through the Strait of Hormuz. Speaking on Fox Business, Bessent said he expects NATO and other U.S. allies—including those in Asia—to issue clarifications stating they “will not directly participate in combat.” (20:40, March 19, 2026) 4696. Amid the U.S.-Israel war against Iran and the closure of the Strait of Hormuz—which triggered an energy crisis—the Italian government is attempting to keep fuel prices affordable by cutting fuel taxes by €0.25 per liter. Prime Minister Giorgia Meloni also announced additional measures aimed at helping Italian citizens cope with soaring fuel prices and potential speculative behavior at gas stations. A government decree approved late Wednesday includes a tax credit for freight drivers equivalent to the rise in diesel prices. (20:38, March 19, 2026) 4695. Treasury Secretary Bessent subsequently stated that the U.S. Department of Agriculture (USDA) “may issue an announcement on fertilizer issues in the coming days.” As the Middle East conflict persists, American farmers are increasingly burdened by sharply rising costs. (20:38, March 19, 2026) 4694. Treasury Secretary Scott Bessent said on Thursday that the Trump administration is considering new measures to curb rising oil and other commodity prices amid the ongoing war with Iran. Speaking on Fox Business, Bessent said the government “may lift sanctions on Iranian crude oil already at sea,” totaling approximately 140 million barrels.

Italy’s expanded fiscal spending addresses symptoms but not root causes.

Italy’s new government adopted the 2023 budget draft on November 22, allocating approximately €35 billion to address the energy crisis. The draft will undergo parliamentary review before year-end. Key measures in the draft include raising next year’s budget deficit to 4.5% of GDP—providing 60% of the required funding. Other funding sources include increasing the windfall tax on energy companies; allocating over €21 billion to support households and businesses with electricity and gas bills; earmarking around €4.2 billion to raise wages for low-income workers; raising the income threshold for the flat 15% tax rate for self-employed individuals from €65,000 to €85,000 annually; reducing VAT and sales taxes on certain essential consumer goods—such as baby care products—from 10% to 5%; incentivizing the hiring of women under age 36; tightening the universal basic income program for the unemployed by limiting benefits to a maximum of eight months for able-bodied individuals of working age—and phasing out the program entirely starting January 1, 2024; and allowing Italians who have contributed to pensions for 41 years to begin drawing retirement benefits at age 62. The draft prioritizes mitigating the socioeconomic impact of the energy crisis. This year, surging energy prices—driven by the Ukraine crisis—have pushed inflation sharply upward. According to data released by Italy’s National Institute of Statistics (ISTAT) in October, the country’s consumer price index (CPI) rose 11.9% year-on-year in October, while energy prices surged 73.2% year-on-year. Compared with 2019, natural gas prices in Italy have soared approximately 776%, electricity generation and distribution prices have risen 131.5%, gasoline prices have increased 20%, and heating diesel prices have jumped 36%. The OECD’s latest Global Economic Outlook report forecasts Italy’s 2023 GDP growth at just 0.2%, down from its September projection of 0.4%. The report notes that persistently high energy prices are stifling energy-intensive industries, high inflation is eroding real incomes, rising interest rates are dampening investment, export markets are growing more slowly, and weakening domestic demand could likely push unemployment higher. Italy’s increased budget deficit in 2023 is primarily directed toward energy and inflation subsidies for households and businesses, cuts to personal income tax for low-income groups, and reductions in VAT on select daily necessities. Sun Yanhong, Director of the European Economic Research Division at the Institute of European Studies, Chinese Academy of Social Sciences, and Secretary-General of the Italian Studies Branch of the China Society for European Studies, told the Economic Daily in an interview: Overall, the budget draft aims to shield households and businesses—particularly the poorest and most vulnerable—and thus helps ease operational pressures on enterprises and uphold social equity. For instance, raising the income threshold for the 15% flat tax rate for self-employed individuals from €65,000 to €85,000—though lower than the €100,000 pledged during the election campaign—still grants most self-employed persons a €20,000 tax-exempt income bracket, offering tangible economic relief to this group. However, given that Italy’s current energy crisis and high inflation stem largely from external shocks caused by the Ukraine crisis and its ripple effects—and considering the persistent supply shortfall and elevated energy prices—Italy’s expansion of fiscal spending, while helpful in alleviating socioeconomic pressures to some extent, cannot fundamentally resolve the crisis.

Socar to Cut Italy Fuel Prices, Pre-Empting Meloni Windfall Tax

2 days ago

Azerbaijan's Socar will cut fuel prices at Italian stations to preempt windfall taxes, mirroring Eni SpA's price caps. This voluntary move eases political pressure on the Italian government ahead of elections.

bloomberg

2026-09-27

Socar to Cut Italy Fuel Prices, Pre-Empting Meloni Windfall Tax

Socar to Cut Italy Fuel Prices, Pre-Empting Meloni Windfall Tax

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