When Hormuz is tense, Arctic drilling immediately becomes profitable—I'm familiar with this logical chain, but will the EU buy into it in September?

Norway is pressuring the European Union to lift the ban on new Arctic oil and gas drilling, as Arctic resources account for about two-thirds of Norway's reserves. The EU will announce its Arctic policy by the end of September, with more and more Norwegian politicians, officials, and environmental and industry groups traveling to Brussels to influence decision-making. Although Norway is not a member of the EU, it is Western Europe's largest oil and gas exporter, with its continental shelf production supplying about 30% of the EU and UK's natural gas. The Strait of Hormuz blockade provides Norway with an argument. The core dispute centers on climate and environmental issues, with critics stating that Arctic warming is faster than the global average, and that expanding drilling will hinder energy transition. They argue that the short-term energy crisis is not sufficient grounds for opening up new areas.