Geopolitics top theme impacting the industry in 2026

Geopolitics and supply chain disruptions arising from the US/Iran conflict and the Strait of Hormuz blockade are the key themes impacting the oil and gas industry in 2026, according to GlobalData’s Strategic Intelligence report, “Top 20 Oil & Gas Themes - 2026”

The report identifies the top 20 themes that will impact the oil and gas industry in 2026, with geopolitics topping the list. It also notes that US tariffs might continue to weigh on the global economy, despite a slight easing of these worries in the recent past. It is therefore important for the industry to assess the impact of these macroeconomic themes while charting out their growth plans, says GlobalData, a leading intelligence and productivity platform.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, commented, “The renewed conflict in the Middle East has led to a spike in oil and gas prices and has throttled maritime traffic through the Strait of Hormuz. This has severely disrupted energy supplies through the Persian Gulf, with oil prices spiking to around 44% above their pre-war levels in March 2026. Countries have reacted with a mix of emergency fiscal measures, supply rationing, and a pivot to alternative fuels. However, it remains unclear whether these efforts will be enough to meet energy needs, as it could take months to re-establish steady export volumes through this choke point.”

Although the US and Iran have recently reached a ceasefire, the failure to achieve a permanent end to this conflict will keep the region on edge. The severity of the impact will depend on the full extent of damage sustained to oil and gas facilities across the Middle East. It will likely prove an inflection point for key countries, starting with the Middle East itself, which has seen its energy exports drop and expat workers flee. Although the global economy is now relatively less dependent on Middle Eastern energy than in the past, it still contributes considerable volumes of crude oil, natural gas, and petroleum fuels to global markets.

Energy transition themes, such as renewable energy, hydrogen, carbon capture and storage (CCS), biofuels, and electric vehicles (EV) are also discussed in the report, as are core oil and gas themes, namely LNG  and shale that continue to feature prominently in the capital plans of top oil and gas companies. Lastly. the report also highlights disruptive tech themes, such as artificial intelligence (AI), blockchain, cybersecurity, the Internet of Things (IoT), and robotics.