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illuminem summarises for you the essential news of the day. Read the full piece on TIME News or enjoy below:
🗞️ Driving the news: The escalating conflict between Israel and Iran, including targeted strikes on energy infrastructure, is pushing oil prices up by nearly 25% over the past month
• This surge reflects fears of supply disruptions, especially given Iran’s 4 million barrels-per-day production and the strategic importance of the Strait of Hormuz
🔭 The context: High energy prices following geopolitical crises are not new — Russia’s invasion of Ukraine in 2022 caused similar market turbulence
• That crisis, however, spurred long-term clean energy investment and policy shifts such as Europe’s RePowerEU initiative and the U.S. Inflation Reduction Act
• Oil markets now face similar dynamics, complicated by the uncertainty of conflict duration and policy responses
🌍 Why it matters for the planet: The price volatility underscores the geopolitical vulnerability of fossil fuel systems and can renew momentum for clean energy transitions
• High oil prices may accelerate electrification and fuel efficiency measures but also risk a rebound in drilling and fossil fuel investment
• The long-term outlook depends on market stability and political will
⏭️ What's next: Analysts expect President Trump to pressure U.S. drillers to ramp up production, but past reluctance due to profit-taking and risk aversion could persist
• Renewable energy advocates may leverage the crisis to argue for energy security through decarbonization, particularly given the relative price stability and domestic control renewables offer
💬 One quote: “The volatility is a reminder of some of the greatest strengths of renewable energy: it's local and not prone to geopolitical disruption"
📈 One stat: Iran produces around 4 million barrels of oil daily, making it a crucial node in the global energy supply chain — and a major risk factor when tensions rise
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