Beyond Hormuz: From fuel shocks to delivery risk

Energy markets are once again responding to geopolitical conflict. The escalation involving Iran, the US and Israel has driven up oil and gas prices, disrupted key shipping routes, and reinforced the case for reducing Europe's reliance on fossil fuels. However, the current crisis points to a deeper constraint. While renewables reduce exposure to fuel markets, they depend on global supply chains that remain vulnerable to the same disruptions, shifting risk from energy supply to project delivery.