Six Charts to Explain the Global Energy Crisis
The analysis uses six charts to illustrate the implications of the partial closing of the Strait of Hormuz on global energy markets. Brent crude prices rose from around $70 per barrel in February to $145 in April, settling around $90 per barrel by the end of August. Europe entered its heating season with gas storage at 68 percent, below its 80 percent target.
Why it matters: This matters for the global energy crisis: the combination of a closed Strait of Hormuz and low European storage leaves markets exposed to further supply shocks.