Strait of Hormuz
Briefing
+4
Europe’s winter now depends on Asia blinking first
European gas hit its highest since early 2023 this week, storage is the thinnest it has been since records began, and Europe is finally doing what it spent all summer avoiding: paying up. With new supply constrained, getting through winter increasingly depends on prices rising high enough to push enough Asian buyers out of the market.
Sep 3, 2026
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4 min read
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
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4 min read