The energy crisis that wasn't (yet)
It’s a confusing moment in energy markets. International Energy Agency head Fatih Birol calls the closure of the Strait of Hormuz “the greatest energy security threat in history.” Energy markets are mostly shrugging it off, for now. Brent prices are up about 67 percent from $62 per barrel in early January, but are still well below (in real terms) the levels they reached during the 2022 energy crisis in the wake of Russia’s full-scale invasion of Ukraine. Are...
