The war with Iran will transform global energy markets, warn executives from the oil and gas industry.

The war with Iran is generating major structural changes in global energy markets, according to directors in the oil and gas industry. The Iranian blockade in the Strait of Hormuz has led to significant losses, and the current crisis highlights the fragility of the global energy system.

Olivier Le Peuch, CEO of SLB, and Lorenzo Simonelli, head of Baker Hughes, emphasize that energy security is becoming a global strategic priority. An increase in investments in oil and gas exploration and production is expected, as well as in low-carbon solutions. The crisis has highlighted the dependence of Asian economies on resources from the Middle East, and Exxon Mobil's CEO, Darren Woods, states that countries will reevaluate their energy strategies to avoid excessive exposure. Additionally, American oil is becoming crucial for global energy security, and oil companies are anticipating a significant supply deficit, which will keep prices high. Africa is seen as a promising region due to its untapped resources.