The liquid line of descent from trachyte to pantellerite is controlled primarily by fractional crystallization of alkali feldspar, with whole-rock compositions following a fractionation path along the ‘thermal valley’ in the peralkaline haplogranite system Qz-Ab-Or-Ac-Ns and terminating at a minimum on the feldspar-quartz cotectic. Although whole-rock compositions for different pantelleritic suites follow nearly identical paths in a Qz-Ab-Or projection that terminate near the experimental minimum (Qz40.5Or34.5Ab25 at 100 MPa, projected from Ac-Ns), matrix glass from samples with near-minimum compositions record extreme differentiation and form a ‘cotectic delta’ beyond the terminus of the ‘thermal valley’. Although each glass trend shows a continuing increase in Zr to >3000 μg/g, the most evolved compositions in each suite differ in peralkalinity (mol [Na + K] / Al) and in the proportions of FeOT, Qz, Ab, Or, and other components, which are related to subtle variations in the mafic phases controlled mainly by differences in oxygen fugacity (fO2) and pressure (P). To determine the controls over mafic mineral crystallization in pantelleritic magmas and the various paths these suites take beyond the apparent (whole-rock) minimum, amphibole-phyric suites from the ~159 ka Cala dell’Altura and Cala Gadir volcanic centres and the ~8–10 ka Cuddia Mida volcanic centre on Pantelleria have been analyzed and compared with each other and with the well-characterized and amphibole-free, compositionally zoned Green Tuff, the ~46 ka caldera-forming ignimbrite of the Cinque Denti caldera. Differences between the extended fractionation trends may be ultimately attributed to variations in oxygen fugacity, depth of emplacement, and water saturation. Shallower (lower pressure) magma reservoirs such as the one for the Green Tuff are water-saturated and undergo degassing, which leads to an increase in relative oxygen fugacity. Deeper (higher pressure) magma reservoirs remain water-undersaturated and retain water in the melt, which both maintains lower relative oxygen fugacities and enables the crystallization of amphibole. Amphibole formation appears to require melt water contents >4 wt%, low oxygen fugacity (<ΔNNO-1.5), and low temperatures (<700°C), although fluorine may stabilize it at higher temperatures in some rocks.