Niti Shastra | Navroop Singh, Himja Parekh
The 2026 global energy crisis, triggered by escalating conflicts in the Persian Gulf and the closure of the Strait of Hormuz, has compelled numerous nations to implement stringent energy conservation measures, reminiscent of the COVID era. Amidst this, significant geopolitical realignments are unfolding, highlighted by the BRICS Foreign Ministers' meeting in New Delhi where Russia assured India of stable energy supplies and Iran condemned US-Israeli aggression, framing the US as a declining hegemon. Concurrently, US President Trump's visit to China saw President Xi Jinping assert Taiwan as a critical red line while advocating for cooperation to avoid the Thucydides Trap. The article details the precarious state of global oil markets, with US Strategic Petroleum Reserve levels plummeting and the impending expiration of the Russian oil sanction waiver threatening further supply disruptions. This complex scenario underscores a broader "energy war" where the US seeks to maintain petrodollar hegemony by undermining cheap Russian, Gulf, and Iranian energy, while emerging powers like China and a diversifying Saudi Arabia challenge this dominance.
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