The Korea Times
Until now, the intermittent nature and high cost of low-carbon energy transitions have frequently been regarded as fundamentally incompatible with an energy security paradigm predicated on reliable and inexpensive fossil fuels. However, as hostilities between the United States and Iran have intensified, the global energy market confronts an intriguing paradox amid unprecedented uncertainty. The crisis in the Strait of Hormuz — through which roughly one fifth of maritime crude oil shipments transit — has showed how a geopolitical shock can precipitate restricting effects in the global energy system, demonstrating that such shocks can dislodge the basic premise of stable energy supplies and abruptly disrupt upstream and downstream supply chains and market pricing. In the wake of the Russia-Ukraine war, the outbreak of an additional armed conflict has amplified concerns that the foregoing energy security shocks may recur and become systemic. Against this background, policymakers increasingly encounter the paradoxical conclusion that responding effectively to energy crises requires gre
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