For years, policymakers reassured markets that the architecture of global energy security had grown stronger. Shipping routes were diversified. Strategic reserves were expanded. Renewable energy gained momentum. Major producers coordinated more closely to shield oil prices from geopolitical shocks. The system, many believed, had matured. Yet the recent U.S.–Israel strikes on Iran have shaken that confidence to its core. When tensions escalated around the Strait of Hormuz, the vulnerability of the global energy system was exposed with startling…
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