Energy analyst Ron Bousso notes that three major shocks in the past four years are reshaping global markets. The disruptions underscore the fragility of the current interconnected supply chain. Over the past decade, a rapid succession of crises driven by conflict, extreme weather and supply‑chain snarls has made shocks the new norm, with the world averaging one major energy crisis per decade since World War Two. Key data illustrate the scale of the upheaval. Global oil imports surged 55% between 2000 and 2024 to about 70 million barrels per day, according to the Energy Institute's Statistical Review. China's imports grew six-fold to 13.4 million bpd. U.S. oil exports rose more than 12-fold to roughly 12 million bpd—about 11% of the global market—while LNG exports expanded, tightening global flows. The Iran war cut 20% of world oil and gas that once passed through the Strait of Hormuz. Bousso observed that the war in Ukraine exposed both the benefits and the vulnerabilities of that model. He added that Tehran's decision to block the Strait of Hormuz and attack Gulf neighbours' infrastructure shattered the long-standing assumption that Gulf producers would never engage in conflict that would seriously impede energy flows. Regarding the EU plan to shield consumers from volatile prices, Ursula von der Leyen, president of the European Commission, stated: "We must accelerate the shift to homegrown, clean energies. This will give us energy independence and security, and mean we are better able to weather geopolitical storms." But the transition also introduces new vulnerabilities. Reduced reliance on fossil fuels could morph into heavy dependence on imports of low-carbon technologies – from solar panels to battery storage – that are highly concentrated in China. That dependency is already emerging as a major source of trade and industrial tensions between Beijing and Western governments. Slowing demand is also likely to intensify competition for market share among major producers – Gulf states, Russia and the U.S. alike. This increases the risk that energy becomes an even more potent geopolitical weapon. And even if the energy transition slows climate change, it won't reverse it. Rising global temperatures and more frequent extreme weather events – droughts, floods, hurricanes, heatwaves – are already disrupting energy production, transport and power grids. The picture is a sombre one. Volatility, rather than stability, will likely be the defining feature of global energy markets. To withstand future shocks, countries will need to build energy systems that are diversified, flexible and, most likely, domestic.