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Europe's "Less" Is Doing More Than Anyone Gives It Credit For
Brent is sitting a touch above $104 this morning, down slightly from yesterday's surge. The Strait of Hormuz, which used to move something like a fifth of the world's oil and LNG before the war, has been effectively shut since March.
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Europe runs on 44% less energy per euro than it did in 1995, and when the Strait of Hormuz closed, Europe barely flinched.
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