Iran War Sparks Shift to Renewables Amid Disrupted Oil Exports

The Iran war has led to significant disruptions in oil exports through the Strait of Hormuz, responsible for approximately 20% of the world's oil and LNG. This situation has heightened awareness of dependence on fossil fuels, with renewables comprising 85% of all new global power capacity installations in the previous year. The International Energy Agency noted that fossil fuels still fulfill about 80% of global energy demand as of 2023. Analysts predict an acceleration of investments in clean energy sources due to rising fossil fuel prices and energy security concerns, impacting energy markets globally.