GLOBAL oil markets faced multiple black swan events in 2025 –including the Israel-Iran war and Ukrainian strikes on Russian refiners – yet they were barely fazed.
This calm may be the new normal in an era of energy abundance, even as the world becomes a more dangerous place. By any measure, 2025 was a chaotic geopolitical year, dominated by President Donald Trump’s return to the White House in January and his blitz of policy, trade and diplomatic initiatives.
