Great fears of a new energy crisis

The following is a summary of the interview with Maggy 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, examined the accelerating cycle of U.S.–Israeli strikes on Iran and the broad Iranian counter‑responses across the Middle East. This escalation has already disrupted airspace, transport corridors, and daily civilian life across several countries, signalling a shift into a far more volatile regional phase.

As the military confrontation intensifies, the centre of gravity is expected to move increasingly toward political decision‑making, particularly in Washington, where a prolonged crisis, elevated energy prices, and pressure from Congress will test the sustainability of current strategic choices. Rising international oil prices are simultaneously improving the economic viability of U.S. shale, with higher price levels encouraging producers to increase output and bringing Henry Hub closer to the breakeven thresholds of more expensive fields.

The central question is no longer whether prices will rise, but whether the disruption will remain contained or whether the world is entering the most severe energy shock in half a century.

Naftemporiki TV / MOMENTUM, Thursday, 5, 2026

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