World Petroleum Council Opens 25th Congress in Riyadh as Iran War Disrupts 27% of Seaborne Oil
Updated
Updated · Al Jazeera English · Oct 11
World Petroleum Council Opens 25th Congress in Riyadh as Iran War Disrupts 27% of Seaborne Oil
3 articles · Updated · Al Jazeera English · Oct 11
Summary
Riyadh opened the 25th World Petroleum Council Energy Congress on Sunday, keeping the event on schedule after a Houthi strike on King Khalid International Airport killed 12 people and injured 309.
The congress and the 17th International Energy Forum ministerial are unfolding as the US-Israel war on Iran disrupts regional energy flows and forces governments to reassess supply security.
Before the war, the Strait of Hormuz carried about 27% of global seaborne oil trade and nearly 20% of LNG trade; reduced traffic through Hormuz, Bab al-Mandeb and Suez is pushing cargoes onto longer routes around Africa.
Fossil fuels still supply nearly 81% of global energy use, with the Middle East the largest oil-producing region, leaving importers such as Pakistan, Japan and Kenya highly exposed to Gulf disruptions.
Emergency buffers are thinning: the IEA has already released 400 million barrels and is preparing another 100 million, while the US Strategic Petroleum Reserve sits at its lowest level since 1982.
As deadly attacks disrupt Saudi oil routes, will the desperate shift to Eurasian pipelines permanently strip the Gulf of its energy dominance?
Could the escalating war in the Middle East and blocked shipping lanes accidentally trigger the fastest global transition to alternative energy yet?
With Middle East chokepoints under fire and insurance costs surging, how long can emergency stockpiles prevent a catastrophic global energy crisis?
The 2026 Middle East Energy Crisis: Security Shocks, Global Oil Disruption, and the Accelerated Shift to Clean Power
Overview
In October 2026, missile and drone attacks by Yemen’s Houthi rebels on Riyadh’s main airport triggered mass flight cancellations and forced top oil executives to withdraw from the World Petroleum Congress. This shock coincided with a wider regional crisis: military conflict between the US, Israel, and Iran led to an IRGC blockade of the Strait of Hormuz, slashing vessel traffic by 75% and causing a daily global oil shortfall of 12 million barrels. The resulting supply crunch drove up fuel and LNG prices, depleted strategic reserves, and exposed the world’s dependence on Middle East energy, prompting governments to accelerate investment in renewables and electrification for greater security.