The global energy shock stemming from the conflict in the Middle East is rewriting the ways governments think about their power needs. Big Oil has predictably emerged as an early winner, benefiting from soaring oil and gas prices, but the long-term upshot could be faster dispersal of an altogether different energy source.
Despite negotiation attempts during the current ceasefire, officials from the Trump administration and Iran remain at an impasse over the Strait of Hormuz, meaning most of the Middle East’s oil and gas is still locked up in the Persian Gulf seven weeks since the start of the war.
