Conflict in the Middle East: Europe’s Energy Security - May 19, 2026 -
#MiddleEast #Oil #Gas Global chokepoints, Europe’s energy exposure and what prolonged disruption means for oil and gas.In this episode of Geostrategy in Action, we examine how the ongoing conflict in the Middle East is reshaping global oil and gas markets, and what business leaders in Europe need to watch as disruption persists.
Famke Krumbmüller, EY Parthenon EMEIA Geostrategy Leader, is joined by Olga Beloglazova, EY Parthenon CESA Energy Center Leader, to unpack how the conflict is affecting energy supply chains, prices and strategic dependencies across continents.
They explore why this crisis is fundamentally different from Europe’s previous energy shocks, how the Strait of Hormuz has emerged as a critical global chokepoint, and why pressure is building not through a full supply collapse, but through tightening product markets—particularly jet fuel, LNG and refined products. They also examine the growing reliance on US energy supplies, the limits of substitution, and why scenario driven planning is essential in an environment of sustained uncertainty.
Key topics covered:
• Why this crisis represents exposure to a global energy chokepoint rather than a single supplier
• The most vulnerable energy products for Europe, including oil, jet fuel and LNG
• How substitution across energy markets is possible but at higher cost and complexity
• Europe’s rising dependence on US energy supplies and what that means for resilience
• How duration of disruption shapes recovery timelines and embeds lasting risk premiums
Watch this episode for insight into how prolonged geopolitical disruption is affecting oil and gas markets, what structural consequences may follow for Europe’s energy system, and how businesses can strengthen resilience through scenario planning and geostrategy.
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#MiddleEast #OilAndGas #EnergyMarkets #EnergySecurity #StraitOfHormuz #LNG #JetFuel #EuropeanEnergy #GeopoliticalRisk #GeostrategyInAction #EYParthenon
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