Equinor

Europe's largest piped gas supplier. Exact repeat of 2022 Ukraine playbook when shares doubled. Still 20% below 2022 peak.

Norwegian gas became Europe's largest single supplier post-2022. Structural shift, not cyclical. Norway's pipeline + LNG capacity now a strategic NATO asset with multi-decade Western European offtake. Different from Hormuz tagging — that's about acute Brent; this is about structural EU gas.