"Waking up to the nightmare: The Hormuz blockade"

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The closure of the most critical waterway for the world of energy and petrochemicals has long been a cause of anxiety, a scenario that has rather been ignored than planned for. The persistent hope that has prevaded markets following the Strait of Hormuz blockade reflected an unwillingness to adjust to a world with 20% less oil and 10-15% less petrochemicals. But as the closure persisted the world has had to face reality: demand must be destroyed, but at what price?

Where does the European petrochemical industry sit in the midst of this globally unraveling narrative? Are there opportunities to benefit, and could this bring longer-term changes to an industry that has been struggling in a legislative maelstrom and with cost inequality?