Six months after U.S.-Israeli strikes disrupted Middle Eastern fossil fuel production and turned the Strait of Hormuz into a naval battleground, the world is getting a fuller picture of how the Iran war has reshaped the economics of energy. A handful of new reports show how, by dramatically raising fossil-fuel prices, the conflict has also been pushing governments, companies and consumers towards renewable energy, with a clear set of winners and losers emerging. Global fossil fuel importers have paid more than $330 billion in extra costs — an amount equal to Finland’s 2025 gross domestic product (GDP) — since the war began on Feb. 28, according to data from the Centre for Research on Energy and Clean Air (CREA), a Helsinki-based nonprofit.
Meanwhile, higher energy prices have been a boon to a handful of oil and gas producing countries outside the war zone.
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