Military conflict in the Middle East triggered a seismic shift in the global energy market, at times pushing crude oil prices above 100 USD per barrel and diesel prices to 238 USD per barrel, prompting many countries to declare a state of emergency.

Disruptions in the Strait of Hormuz, a key global energy shipping route, are causing a sharp decline in global oil flows. Major Gulf oil producers are considering diverting exports through alternative routes outside the Strait of Hormuz, while the Organisation of Petroleum Exporting Countries and its partners (OPEC+) have agreed to increase production quotas to alleviate supply pressure on the oil market.

Recent geopolitical developments, particularly the Russia–Ukraine conflict and the Israel–US–Iran confrontation, have clearly demonstrated the trend of “weaponising energy”, where oil and gas supplies are influenced not only by market rules but also by power calculations and regional disputes.