War And The Global Energy Future – What Has Changed And What It Means

BusinessEnergyWar And The Global Energy Future – What Has Changed And What It MeansByScott Montgomery,Contributor.Forbes contributors publish independent expert analyses and insights. Scott L. Montgomery is a geologist who writes about energy issues.Follow AuthorMay 26, 2026, 04:44pm EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.TOPSHOT - A billboard in Tehran on the facade of a building depicting the Strait of Hormuz with the caption in Persian reading "Forever in Iran's Hand." (Photo by AFP via Getty Images)AFP via Getty ImagesYear 2026 has witnessed the greatest disruption in global energy and its international relations since the 1973 oil crisis. Were it to continue for several months more, it could well equal or even surpass that traumatic event, which altered forever the role of energy policy in the context of national security. Like that earlier event, the current crisis has affected all sources of energy. Renewables and nuclear gained much new support as part of the 1970s push for “energy independence,” just as they are being vigorously promoted today. Yet, the crisis is not merely about resources and who controls them—it is no less about the part played by energy itself as a force in geopolitics and leaders who wield it as a hard power weapon.There have been some excellent commentaries on what the Hormuz Crisis means for different parts of the world in terms of oil and gas. My goal here is to summarize some of this intelligence, while also highlighting other aspects that have received less attention. Energy Crisis Born of Miscalculation, Felt Around the WorldThe crisis was created by the US and Israeli aerial attacks on Iran that continued from February 28 to March 5. These were launched in the apparently belief that the regime would collapse and be replaced by a friendlier government. Given that the very opposite has occurred and that Iran has seized a critical choke...