Great fears of a new energy crisis

The following is a summary of the interview with Magy Dousi on Naftemporiki TV’s “MOMENTUM”

The conversation with Kleanthis Kyriakidis, associate professor of Security and International Relations at an American university in the UAE, and Yannis Bassias, former president of the Hydrocarbon Management Company, paints a picture of a world edging toward a new energy crisis as the conflict involving Iran, Israel, and the United States destabilizes global oil and gas markets. 

Yannis Bassias explains that the hostilities have reconnected natural gas prices to oil prices for the first time in more than a decade, because LNG flows have been severely disrupted. With around one fifth of LNG exports disrupted, the effect on the overall global energy system corresponds to roughly a five percent reduction in total available energy, a shock large enough to drive oil toward 150 dollars per barrel and push natural gas prices sharply higher. Such increases would feed directly into inflation, strain supply chains, and create a difficult environment for households and industries. Bassias also highlights a contradiction in U.S. policy: Washington wants to dominate global gas markets, yet investment in production only becomes profitable when oil prices are high, something politically costly for American consumers. For Greece, he notes, the problem will not be shortages but prices. Already among the most expensive countries in Europe for fuel because of heavy taxation, Greece could see gasoline surpass 2.20 euros per litre if the crisis persists, making tax adjustments a likely necessity.

Cleanthis Kyriakidis, speaking from the Gulf, describes a region under intense pressure, with more than a thousand missile attacks and nearly as many drones intercepted in recent months. Despite high interception rates that maintain a sense of safety, the strategic picture is deteriorating. Iranian strikes increasingly target energy infrastructure, refineries, LNG facilities, and shipping routes—while the Strait of Hormuz has become extremely dangerous. Qatar has even halted LNG production, a development with immediate global repercussions. Yet Gulf states such as the UAE, Saudi Arabia, and Qatar insist they do not seek escalation and will only respond militarily if a major symbolic or strategic asset is destroyed. Their posture remains defensive, aimed at containing rather than widening the conflict.

Together, the two experts conclude that the Middle East crisis is already reshaping global energy flows and could escalate into a full scale energy shock if it continues. Europe, and Greece in particular, will feel the impact mainly through soaring prices rather than physical shortages, while the stance of the United States and the Gulf states will determine whether the situation stabilizes or spirals into a deeper global crisis.

Naftemporiki TV / MOMENTUM, Thursday, 5, 2026

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