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Every day the Strait of Hormuz remains closed, nearly 14m barrels of oil—14% of global output—are lost. Yet markets are oddly calm. The price of Brent crude remains far below the panicked predictions at the start of the war. What gives? More exports from elsewhere, and a drop in imports, have created a surprising mini-glut. But the world's energy reckoning is
only deferred, not dodged.
And Sir Keir Starmer had a forgettable phrase for the Conservatives' failure in office to take hard decisions: “sticking-plaster politics”. Yet that is exactly how he has governed. The
Labour Party resembles the Tories
in another way too, as it prepares to dump a prime minister in a fit of pique. | 
