Energy markets were jolted into crisis after war erupted in the Middle East on 28 February, abruptly ending expectations of a calm year marked by abundant oil and gas supply and falling prices.

As the conflict escalated, energy infrastructure across the Gulf came under attack and shipping through the Strait of Hormuz ground to a halt amid sharply rising security risks.

Oil and gas prices have since doubled, while market volatility remains exceptionally high. Key questions now loom large. How will European policymakers respond? At what point will sustained high prices begin to trigger meaningful oil and gas demand destruction in Asia?

To answer all these, senior journalist Aura Sabadus has invited ICIS global LNG editor Ed Cox, crude oil editor Barney Gray and head of gas analytics Andreas Schroeder for a forward-looking discussion.

The US-Israeli led war against Iran has unleashed extreme volatility across energy markets, with natural gas prices rising as much as 70% in the first ten days of March.

Traders fear that the longer the shortfall lasts the more difficult it will become to refill gas stocks.

While the fog of war remains thick in Iran and the Gulf, traders are struggling to get clarity and some degree of predictability. To find out how they navigate this situation and how events are seen by LNG traders, ICIS reporter Aura Sabadus caught up with James O’Brien, head of LNG at D.Trading, the trading arm of leading Ukrainian oil, gas and electricity private producer DTEK, and Luca Palmeri, CEO and founder of MCND, a dedicated consultancy, and himself a former senior LNG trader.

Europe’s single market is widely regarded as the jewel in the crown of EU integration. However, the energy crisis of 2022 showed that its electricity and gas markets remain fragmented, exposing the bloc to economic and security risks.

Cracks are felt in the day-to-day work of producers, traders, suppliers and end consumers as they struggle with complex red tape and high costs.

ICIS highlighted some of these challenges in a recent white paper. A report published by Energy Traders Europe on 24 February highlights the constraints and the possible solutions to deepening the EU electricity and gas markets.

As the need to create an Energy Union is now at the top of policymakers’ agenda, ICIS reporter Aura Sabadus speaks to Mark Copley, CEO of Energy Traders Europe, and ICIS EU policy expert, Gretchen Ransow, about solutions to achieve consistency and alignment across the bloc and with neighbouring countries.