Rising energy prices and intrest rates leave the euro vulnerable : It does not look like the Strait of Hormuz will be fully reopened for free passage anytime soon. Meanwhile, global oil inventories have declined considerably, which would normally suggest a rapid rise in oil prices. Until recently, however, that increase remained limited, likely because demand for oil has fallen as well. Last week we noted that this is partly linked to the destruction of refineries in Russia and the Gulf states, but other factors are also at play. The release of national oil reserves and the normal market response to higher prices — more supply and less demand — are likewise having a dampening effect. Even so...