House View Interim Report
House View Interim Report
27 May 2026
Security first: The legacy of the Middle East crisis
The Middle East crisis has generated the largest oil supply disruption the global economy has ever faced, exposing the centrality of Middle Eastern hydrocarbons and forcing a fundamental reassessment of energy security, resilience and supply chain strategy.
The recently released House View examines how the Middle East crisis and prolonged disruption in the Strait of Hormuz are reshaping the global energy system.
This crisis is forcing governments to scramble for energy security through redundancies, SPRs and energy sources less exposed to geopolitical risk. Yet for truly profound and durable changes to emerge, the disruption will need to last longer than three months.
Claudio Galimberti, Chief Economist & Global Director of Market Analysis
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Key highlights from the report:
What a record-high geopolitical risk index means for energy markets
Why the Hormuz blockade is unlike any previous supply shock
How oil price volatility is affecting global GDP and which economies are most at risk
Why LNG markets may feel the consequences long after oil flows normalize
Download the report to learn more
Key contributors
House View Report: First and second editions
Our first and second editions examine the long-term trajectory of global energy markets, from the stability of today's well-supplied markets to the fragmented, complex energy system taking shape in the 2030s.