كتب : Hatem Maher
A Gianluca Zambrotta error helped Adrian Mutu put Romania in front against the run of play ten minutes after restart. Christian Panucci drew Italy level just one minute later.
Both sides were capable of securing a precious victory, only to be denied by heroic saves from keepers Gianluigi Buffon and Bogdan Lobont.
Lobont saved a certain goal from Daniele De Rossi while Buffon blocked a Mutu penalty late in the match.
Italy now have an uphill to climb if they are to go through to the next round. They have one point from two matches while Romania's second consecutive draw put them in second place on two points.
The one-time European champions have no alternative but to beat rivals France in the last round in the group stage to stand a chance of progressing.
Holland, who crushed Italy 3-0 in their tournament's opener, top the group with three points. They face France, who have one point, later in the day.
Upper Hand
Italy had the upper hand in the first half, thanks to some neat work from Fabio Grosso and Mauro Camoranesi down the flanks.
Both men kept on providing inviting crosses for giant striker Luca Toni.
Italy had the first sight of goal after nine minutes when Camoranesi's chip picked out Alessandro Del Piero inside the area.
A defender's interception slipped the ball into the path of Simone Perrotta in the right hand side of the area.
The Roma midfielder crossed for Del Piero, whose near-post header hit the side netting.
Despite Italy's dominance, Romania could have gone ahead in the 16th minute after a neatly-worked counter attack.
Mutu latched onto a clever pass but his shot from inside the area was blocked by Buffon.
Lyon full-back Grosso then annoyed Romania's tight defense through his pinpoint crosses.
In the 17th minute, Toni connected with Grosso's cross at the far post but his header went wide of the post.
At the other end, Romania almost opened the scoring three minutes later when Cristian Chivu's free-kick deflected off Panucci and struck the post.
Five minutes before the break, Romania keeper Lobont dived at full stretch to tip a Toni header round the post.
Italy were harshly denied a deserved opener in the first-half's additional time.
Towering frontman Toni headed home Zambrotta's cross from close range, but his effort was ruled out for offside.
Television replays showed that a Romanian defender played Toni onside.
Pulsating Half
Mutu stunned the Italians in the 55th minute after capitalizing on a dreadful error by Zambrotta.
The Fiorentina striker pounced on Zambrotta's poor back header to smash home into the roof of the net.
Panucci needed just one minute to equalize when he ghosted behind a mass of defenders inside the area to slot home Giorgio Chiellini's flick from close range after a corner kick.
The Azzurri pushed forward searching for a much-needed victory. Their sole clear-cut opportunity was denied by an outstanding reflex save from Lobont.
In the 75th minute, Toni chested a cross into the path of the unmarked Daniele De Rossi, whose close-range header was superbly palmed by Lobont.
Italy had to thank Buffon for keeping them in contention to qualify after Romania were awarded a penalty ten minutes from time.
Panucci clumsily fouled Daniel Niculae as the referee pointed to the spot.
Mutu stepped-up and blasted his penalty straight down the middle but an impressive one-handed save from Juve custodian Buffon denied the Romanians.