How the US-Israel war on Iran is reshaping global energy markets and accelerating renewables
By
John Power
Summary
The article analyzes how the US-Israel war on Iran (starting late February) has disrupted the global energy sector. Oil prices have swung dramatically, energy suppliers are scrambling for alternative trade routes due to Iran's control over the Strait of Hormuz (through which ~20% of global oil and LNG pass), and analysts predict the conflict will accelerate the shift toward renewable energy and reduce dependence on the Strait of Hormuz.
Source
bskyHow the US-Israel war on Iran is reshaping global energy markets and accelerating renewablesaljazeera.comKey quotes
· 3 pulledOil prices have swung from levels not seen since the onset of Russia's full-scale invasion of Ukraine in 2022 to close to where they were before the conflict more than four months ago.
Energy suppliers have scrambled to find alternative trade routes amid Iran's stranglehold over the Strait of Hormuz, through which about one-fifth of global oil and liquefied natural gas (LNG) supplies pass in peacetime.
Conflict will accelerate shift to renewables and search for alternatives to Strait of Hormuz, energy analysts say.
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