In London, Brent hovers around $110 a barrel as Trump pushes Iran to reopen the Strait of Hormuz. The spike coincides with Saudi Arabia’s record‑high crude premium, deepening market volatility.

The International Energy Agency’s Fatih Birol warns against hoarding, arguing that resource nationalism only fuels shortages. He cites the 1970s oil shocks that spurred nuclear build‑outs and fuel‑efficiency rules, noting how the UK’s North Sea licences grew from zero to 6 mn barrels per day in two decades.

Birol projects a rapid return to nuclear via small modular reactors, predicts a tripling of European renewable installs since Russia’s Ukraine invasion, and foresees a surge in electric‑vehicle demand, especially in Asia.

He cautions that natural‑gas reliance will wane as geopolitical risks rise, while coal could see a temporary rebound in emerging markets. Energy sourcing will now weigh supplier origin as much as price.