The Hormuz Shock Didn't Break Europe's Gas Market. What Took So Long?

The recent disruption to oil supplies through the Strait of Hormuz had many fearing a major shock to Europe's gas market. However, despite the initial hype, the impact was much less severe than anticipated.

The Strait of Hormuz is a critical waterway connecting the Middle East to the rest of the world, and any disruption to oil supplies through this route can have significant implications for global energy markets.

However, the European gas market has been surprisingly resilient in the face of this disruption. There are several reasons for this, including a mild winter in Europe, reduced demand for gas, and a diversification of energy sources.