High energy prices roiled global economies, even after they fell from their peaks.
Japan’s reliance on energy imports has left Tokyo considering dipping into oil reserves. European nations, meanwhile, were fretting over surging prices, with EU leaders set to discuss the issue today, according to Politico: European gas prices have more than doubled since the war began.
As a result, Asia and Europe are scrabbling over what little gas is making it through the Strait of Hormuz: Several tankers have changed course, presumably as Asian buyers stepped up their offers.
US President Donald Trump waived some sanctions on countries buying Russian oil to bring prices down, but it will be “a drop in the ocean,” analysts said.
