Qatar's 23% drop in oil revenues in Q1 2026 signals a structural decay in global energy after war escalated with Iran. The partial closure of the Strait of Hormuz and disruptions at Ras Laffan exposed severe international logistical vulnerabilities. More than a regional crisis, this fierce shock is poised to trigger prolonged effects on global inflation, economic growth, and political stability.

In recent years, since Vladimir Putin came to power in Russia, the distribution and control over energy flows have been used as powerful tools of foreign policy by the Kremlin. Through their use, Russia has become a key trading partner for the European Union, which, until the beginning of the Russo-Ukrainian conflict in 2022, was the main destination for exports of commodities such as natural gas and oil from Russia.