Europe should prepare for a renewed surge in energy prices, as the last oil and LNG tankers to depart the Strait of Hormuz before the Middle East conflict have now reached their destinations, analysts warned.
EU countries have been relying on emergency oil reserves released by the International Energy Agency on 11 March, after losing supply to Asian buyers willing to pay more for the last cargoes leaving the Strait of Hormuz. The Strait is a critical waterway that accounted for roughly one-fifth of the world's oil and LNG transit before the Middle East conflict.
