Energy
Oil routes, LNG politics, pipeline leverage, and the energy geometry that shapes every conflict we cover.
March 2026
5
Lloyd's of London Closed Hormuz More Effectively Than the Iranian Navy
Iran laid perhaps a dozen mines in Hormuz. Traffic collapsed 94%. The mines didn't do that. Lloyd's did. When war risk premiums turn a $40,000 transit premium into $1.2 million, shipowners make the rational decision. They don't transit.
Japan and South Korea Are Running Out of LNG. The Rest of the World Is Arguing About Oil.
Nine LNG carriers were diverted in 6.5 hours after the Hormuz closure. Qatar's 77 million tonnes per annum are offline. Japan generates 36% of its electricity from LNG. South Korea 27%. The oil crisis has a headline. The LNG crisis has victims.
$100 Oil and No Way Out: The Energy Shock of 2026
Brent settled at $99.94 on March 14 and hasn't looked back. Hormuz traffic collapsed 94%. Seventy percent of OPEC+ spare capacity is trapped behind the strait it was supposed to relieve. The 2026 oil shock has no parallel.
The European Gas Crisis Is Structural, Not Temporary
The ceasefire everyone is praying for doesn't fix the gas crisis. Qatar's damage takes 3-5 years to repair. Russia may cut supply before the EU ban takes effect. And the LNG glut is over.
The Food Crisis Nobody Sees Coming
Everyone is watching oil prices. Almost nobody is watching what happens when 35% of the world's fertilizer doesn't reach farms during the three months it needs to be in the ground.