Key facts
- Global energy systems are highly interconnected, heavily financialized, and exposed to geopolitical, environmental, and technological risks.
- The next global energy crisis is more likely to emerge from a combination of pressures rather than single dominant events.
- Critical maritime chokepoints include the Strait of Hormuz, Suez Canal, and Bab el-Mandeb Strait.
- Industries are reassessing procurement strategies due to uncertainty in energy markets and prioritizing geographic resilience.
Global energy systems face significant risks from geopolitical tensions, infrastructure strain, climate events, and financial instability, making them vulnerable to disruption. Unlike past oil shocks, future crises are expected to arise from a combination of these factors. The interconnectedness of long-distance shipping, complex financial systems, and just-in-time supply chains means that disruptions in one area can quickly impact global markets. The conflict involving Iran has particularly highlighted the risks associated with maritime chokepoints like the Strait of Hormuz, prompting industries to reassess trade dependencies and prioritize geographic resilience over cost-efficiency.