Europe’s oil shock was sold as a tragic consequence of the war on Iran and chaos in the Strait of Hormuz. The story was simple. Blame Tehran, blame geography, tell Europeans there was no choice but to pay. Yet official documents quietly admit that the EU’s direct dependence on Hormuz is limited and that the real impact came through prices, not empty fuel tanks.
While leaders repeated the script, Saudi crude was being rerouted around the strait through the East–West pipeline to Yanbu, Iraqi and Kazakh flows to Europe were kept alive through alternative corridors, and oil majors were telling investors that higher prices would boost profits. At…
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