Hormuz Crisis Revives 1973 Oil Lesson
The recent Gulf of Hormuz crisis, which lasted for more than 100 days, exposed the fragility of the global energy system. Rapid changes in supply and demand revealed a relatively, but only temporarily, resilient flexibility. As dependence on oil and gas continues, countries are moving toward diversifying their energy sources, particularly renewable and nuclear energy, and speeding up the transition to electric vehicles in an attempt to reduce reliance on imports and improve consumption efficiency. Despite this shift, fossil fuels remain a fundamental component of the global economy, and the world is prepared for a gradual change in the energy mix following the Hormuz crisis.
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