This is one of the world’s biggest fossil fuel chokepoints, carrying around one-fifth of global oil supplies.
Analysts warn that oil prices won’t “snap back” straight after the war ends, especially if more energy infrastructure is targeted.
It’s why petrol and energy prices have surged across Europe, resulting in calls to open up drilling licenses in the North Sea.
Despite geopolitical tensions bolstering the appeal of green energy, Europe continues to waste billions of wind and solar energy.
Last year, Britain wasted a staggering £1.47 billion (around €1.78 billion) by turning down wind turbines and paying gas plants to switch on.
Around £95,091 (€109,831) of this comes from switching off wind turbines (curtailment), while the rest comes from buying energy elsewhere, which often relies on fossil fuels.
When wind speeds get too strong, the electricity grid is often filled with more green energy than it actually needs. »