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The immediate catalyst, a sharp escalation in the U.S.-Israel-Iran conflict, has resurrected the spectre of a global energy shock, driven by a surge in Brent crude towards the $120 per barrel mark and a doubling of liquefied natural gas (LNG) prices to nearly $25 per MMBtu. Yet, for the way we see things, this 'fog of war' is a familiar backdrop.

The immediate catalyst, a sharp escalation in the U.S.-Israel-Iran conflict, has resurrected the spectre of a global energy shock, driven by a surge in Brent crude towards the $120 per barrel mark and a doubling of liquefied natural gas (LNG) prices to nearly $25 per MMBtu. Yet, for the way we see things, this 'fog of war' is a familiar backdrop.

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