A war thousands of kilometres away suddenly shows up in the prices of groceries, the cost of running a factory, government subsidies or import bills, and the anxious arithmetic of a family budget as the people navigate the long lines outside refuelling stations. This is how the impact of the US-Israel war on Iran is being felt in many parts of the world through disruptions to the energy system. And the longer the war continues, the greater the disruptions will be, especially for import-dependent economies like ours.

The energy security of Bangladesh is under major threat once again as an escalated war in the Middle East disrupts the global gas supply through the Strait of Hormuz. The conflict poses a massive energy crisis for Bangladesh, as one-third of its total gas supply comes from Qatar and Oman in the form of liquefied natural gas (LNG).

Bangladesh could save nearly $3 billion in liquefied natural gas (LNG) import costs over 25 years by developing 1 gigawatt (GW) of solar power capacity, according to a new report by the Institute for Energy Economics and Financial Analysis (IEEFA). The report, titled “Iran tensions underscore the urgency of Asia’s renewables pivot for macroeconomic stability”, warns that escalating geopolitical tensions are once again exposing the economic vulnerabilities of countries heavily dependent on imported fossil fuels.

Bangladesh and other South Asian economies could face rising economic and energy security risks as they expand liquefied natural gas (LNG) infrastructure at a time when global markets are being shaken by geopolitical tensions in the Middle East, according to a new report by an international research organisation, Global Energy Monitor (GEM).

The new minister of power, energy and mineral resources is facing his first test to ensure energy security as the whole world reels from the shock of the Strait of Hormuz closure. Several initiatives have already been announced to address any short-term supply shock. The minister must also prepare for medium-term challenges if the Hormuz closure continues beyond March. On the other hand, the global energy crisis and price volatility of major fossil fuels, including crude oil and liquefied natural gas (LNG), could bring opportunities to explore alternative energies, particularly renewable energy-based power generation and electrification.

EnergyFlux data shows that profits from a single LNG cargo shipped from the United States to Europe have doubled from around $25 million last week to more than $50 million as of 2 March. US liquefied natural gas (LNG) companies are projected to earn more than $1 billion per week in additional profits as global energy prices surge amid the ongoing conflict involving Iran, according to new data from energy research firm EnergyFlux.