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The escalating tensions involving the United States, Israel, and Iran are creating uncertainty in global oil and LNG markets. A key concern is the strategic importance of the Strait of Hormuz. About 20% of the world’s oil and LNG supply passes through it each day. Any disruption could significantly impact global energy flows. This situation creates complex and time-dependent risks for upstream energy stakeholders. Different parts of the value chain may be affected in different ways. In this session, our Upstream experts — Nick Sharma, Pritesh Patel, Sarah Haggas, Rajeev Lala, and Juliana Abella — examine several critical issues. They assess which oil and gas fields are most vulnerable if exports are disrupted. They discuss the resilience of reservoirs and facilities during prolonged shut-ins. They also explore the potential for rising upstream costs and service sector constraints. The discussion also evaluates the production exposure of international oil companies operating in the region. Finally, it considers how shifting geopolitical tensions could reshape operational and investment risk across the global energy landscape. #usisraelconflict #usiran #energymarkets #commoditymarket #oil #straitofhormuz