Briefing
The Briefing focuses on one major shift shaping the global energy system each week. Not just what’s happening, but why it matters, and how it fits into the bigger picture.
Shipping
+6
Neither Open Nor Closed
The market thinks Hormuz has reopened. It has – but not quite in the way the screen price suggests. The Strait now works less like a switch and more like a conditional corridor: usable, contested, insured uneasily and vulnerable to events far beyond the waterway itself.
Jun 25, 2026
•
4 min read
Fujairah
+4
The long way round
The world found a route around the Middle East shipping crisis. Now that route is creating a fuel crisis of its own.
Jun 11, 2026
•
5 min read
Briefing
+3
The two-speed energy crisis
The Hormuz shock is what Aramco’s CEO has called the largest energy supply shock the world has ever experienced. But it isn’t hitting a 1970s economy. Large parts of global demand now run on electrons, not barrels – and that changes who feels the crisis, how quickly and how deeply.
May 21, 2026
•
6 min read
Briefing
+7
The shortage that survives the war
Perhaps the most important statement made about the global oil market in ten weeks wasn’t a diplomatic announcement, a military briefing or a Brent futures move. It was an earnings call.
May 14, 2026
•
5 min read
Briefing
+4
The damage that doesn’t come back
This week the question changed. Not what is the price of oil, or who absorbs the shortage – but how much damage has already been done, and whether any of it comes back. The answer to the second question is the one that matters most.
Apr 30, 2026
•
7 min read
Qatar
+7
The shortage that survives the war
When the ceasefire comes, it will feel like relief. It shouldn’t.
Apr 2, 2026
•
15 min read
Shipping
+4
The crisis is pulling the energy system apart
The instinctive read on an energy crisis is straightforward. Supply disrupts, prices spike, the transition slows.
Mar 26, 2026
•
8 min read
Briefing
+2
Three things the oil price isn’t telling you
Oil has absorbed most of the attention since the Strait closed.
Mar 19, 2026
•
10 min read
Equities
+5
Not enough pipes to plug the leak
The LNG system was built for a world where supply risk was diffuse.
Mar 12, 2026
•
11 min read
Equities
+3
Two assumptions, one stock price
European industrial equities have moved sharply since the crisis began. Not all of them have moved in the same direction.
Mar 9, 2026
•
8 min read
Shipping
+4
The three clocks of Hormuz
At some point a ceasefire will reopen the strait. But it will not restart the system.
Mar 9, 2026
•
8 min read
Shipping
+5
The two-phase shipping trap
The market has priced longer voyages. It has not priced fewer cargoes.
Mar 6, 2026
•
10 min read
Equities
+6
The €40 billion question
Europe must refill its gas storage this summer. The question is who collects the margin.
Mar 6, 2026
•
8 min read
