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Iran’s closure of the Strait of Hormuz has sent oil and gas prices soaring, putting clean energy under the spotlight. Image: NASA/Wikimedia Commons.

The unfolding conflict in the Middle East brings to mind the fallout from Russia’s invasion of Ukraine four years ago. Then, a huge spike in oil and gas prices followed Russia’s hostilities towards its next-door neighbour, driven by fears of supply shortages.

Iran’s closure of the Strait of Hormuz in response to the joint US-Israeli airstrikes this week has largely halted the flow of oil and gas through this critical supply route, sharply pushing up global prices of both. Only a few days into the military campaign against Iran, Brent crude prices were up by 6-9%, while European gas prices had surged by 50%, with no obvious end in sight to the hostilities.

By Ben Willis