A few months ago the oil market seemed calm, but the US‑Iran war has rattled supply chains and thrust energy security onto policy agendas worldwide. Import‑dependent nations are scrambling to diversify away from single sources, prompting a fresh debate over how quickly renewables can fill the gap. The discussion was framed by veteran energy analyst Daniel Yergin in a new FT audio interview. Europe revisits reserves.

Yergin, vice‑chair of S&P Global and author of the Pulitzer‑winning *The Prize*, warned that reliance on any single fuel stream creates bottlenecks that can cripple economies. He argued that while green power offers long‑term resilience, the transition could simply shift constraints from pipelines to grid capacity if investment does not keep pace and supply‑chain resilience.

The FT audio piece, produced by Mischa Frankl‑Duval and senior producer Michela Tindera, positions the current scramble as a test of how quickly capital can flow into solar, wind and storage projects. Investors watching the fallout will gauge whether the war accelerates the shift or merely adds a temporary premium to conventional oil contracts and could reshape regional trade flows.