In a renewable world, an Iran-Israel crisis would weigh less on global economy

In today's global economy, roughly 80% of primary energy still comes from fossil fuels. The conflict between the United States, Israel and Iran illustrates the structural vulnerability of this model. A threat to the Strait of Hormuz, through which some 20% of globally traded oil passes, is enough to drive energy prices up and trigger inflationary expectations worldwide. This mechanism was again triggered during the recent escalation between the three parties.