An uneasy mix of celebration and anxiety dominates the ‘Davos of energy’ as the month-long Iran war further disrupts the global economy

Wael Sawan, chief executive officer of Shell Plc, at the CERAWeek by S&P Global conference in Houston, Texas, US, on Tuesday, March 24, 2026. The event convenes more than 11,000 participants from over 2,350 companies across 90 countries for dialogue on the agenda ahead as the world enters a new era of energy transition. Photographer: F. Carter Smith/Bloomberg via Getty Images

Festive music from the band Sweet Crude blared at a party minutes after President Donald Trump’s former defense secretary warned that ending the war now would cede ownership of the narrow Strait of Hormuz—the world’s most critical choke point—to Iran.

“We’re in a tough spot, ladies and gentlemen,” said retired Gen. Jim Mattis at the CERAWeek by S&P Global conference in Houston. “I can’t identify a lot of options.”