The Middle East crisis has generated the largest oil supply disruption the global economy has ever faced, exposing the centrality of Middle Eastern hydrocarbons and forcing a fundamental reassessment of energy security, resilience and supply chain strategy.

The recently released House View examines how the Middle East crisis and prolonged disruption in the Strait of Hormuz are reshaping the global energy system.

This crisis is forcing governments to scramble for energy security through redundancies, SPRs and energy sources less exposed to geopolitical risk. Yet for truly profound and durable changes to emerge, the disruption will need to last longer than three months.

Claudio Galimberti, Chief Economist & Global Director of Market Analysis

This third edition of the House View is an Interim Report, published in direct response to the war in Iran that began in February of this year. Unlike the annual House View editions that examine long-term structural trends, this report is a timely assessment of an evolving crisis, examining what has changed, what has been stable throughout and whether the disruption will prove transformational or transitory. The next traditional edition of the House View will follow later this year.

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Key highlights from the report: