RECENT EVENTS have been kind to energy firms outside the Gulf—including Norway’s Equinor, the largest supplier of hydrocarbons to Europe. The closure of the Strait of Hormuz, through which one-fifth of the world’s oil and liquefied natural gas (LNG) usually flows, has pushed European gas prices up by 40% since February; Brent crude averaged $103 a barrel in the three months to May. Equinor’s share price is up by a quarter (see chart).
