High energy prices continue to drive inflation and stoke anger among voters around the world. But with more crude oil flowing through the Strait of Hormuz, and governments releasing more emergency fuel stockpiles, how long will the energy crunch last?

Jim Burkhard, Vice President and Head of Research for Oil Markets, Energy and Mobility at S&P Global, says elevated oil prices are here to stay. "It's the new normal until flows are normalised out of the Strait of Hormuz. There's no replacing the Middle East as a source of supply."

He says damaged infrastructure and high shipping costs are also part of the medium to long-term challenge. "You also have a refining issue, which is not confined to the Middle East (...) you've gone from $60,000 as the daily rate for one of these [oil] tankers to over a million. So the transportation costs have gone up – it's really stunning."

Burkhard says that after two energy crises in less than five years, governments are looking at different ways to ensure their energy security. "How does a country become more resilient in terms of safeguarding its energy supply? And the answer is not going to be the same around the world. Some countries may say, look, we want to produce more oil and gas in or nearby our country. Others are saying we want to move away from oil and gas. So it's a mixed response, it's not a uniform response, and it depends on the resources and options that a particular country or region has at its disposal."