Article · Geopolitics · Energy
What is the closed Strait of Hormuz actually costing Europe?
Not a shortage of gas, but a price. One Italian buyer has already replaced 21 of its 29 cancelled cargoes, and that replacement is what somebody eventually pays for.
Nearly every energy and interest rate story this year rests on the same sentence: the Strait of Hormuz is closed. It is repeated so often that it has stopped being checked. So this piece is about what has actually been measured behind it.