Why geopolitics still matter to oil
Trump might not bring more war to the Middle East, but as fundamentals tighten the market is ready to trade such risks
Even before the civil war, Syria's oil output was hardly decisive for global markets. Six years on, it is truly a rounding error in terms of world supply balances: production has dropped from more than 400,000 barrels a day to less than 30,000 b/d. Exports have ceased. No, the war in Syria is not, as internet conspiracy theorists think, about pipelines through the country. So why did oil prices rise sharply after the US fired 59 Tomahawk missiles at an airbase in Syria on 7 April? After two and a half years of shrugging its shoulders at conflict in Libya, northern Iraq and Yemen, the reaction to the Syria bombing suggests that the oil market is awaking again to geopolitics. It's a long way f
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
