Some Asian governments are reportedly putting into place plans to reduce oil consumption. The panel also said governments in other territories might be prompted into a turnaround on energy policy and pushed to diversify energy and supply sources.

“Thinking more about energy policy resiliency, there might be a bifurcation,” said Flowers.

“On capital investment, I do wonder if governments that have been veering away from oil and gas – and the UK is a really good example – that this might tip the government back into saying, okay, the North Sea, we’re running it down too quickly. Let’s encourage investments, let’s cut fiscals, let’s encourage the oil and gas industry to spend more.”

The availability of alternative supply routes has allowed two major producing countries to bypass the Strait to move hydrocarbons. Saudi Arabia’s East-West pipeline and the UAE’s Habshan-Fujairah pipeline have proven critical, and could influence investment direction in the future, the panel suggested.

“If the East-West pipeline wasn’t in operation, this would be a disaster right now,” said McMonigle.

“In terms of building workarounds…we’re going to see more measures and investment in those types of programmes. Hopefully, global investors see the opportunity in the oil and gas sector and there’s less pressure on capital discipline and more interest in resiliency.”

Panellists agreed the Iran situation had again clearly illustrated how dependent on oil and gas countries remain - and how important it is to remain invested in the sector.

“This is a reminder, not just for the oil market but really for policymakers, that the global economy runs on hydrocarbons,” said McMonigle.

“Yes, we have to keep pursuing the transition and take measures to address climate change, but until there’s a substitute for hydrocarbons, we have to keep investing in hydrocarbons.”

How long the conflict continues will determine government responses as limited supplies and high prices impact economies, the panel agreed.

In the long term, governments and companies may need to revisit policies and strategies to address chronic under-investment in energy infrastructure and projects.

“This is something we’ve all been banging the walls with on Capex investment in supply, not just to address keeping current levels going but also to find additional supplies for growing demand,” said McMonigle. “Now you’re going to see additional focus on resiliency; resiliency in terms of the world we live in now requires countermeasures for drones.”

• Tech-driven oil recovery: If future demand and barrel prices remain high, AI could improve oil availability from existing fields.
• Diversity in energy: LNG demand should be robust, particularly in developing markets, and greatly encourage projects around the world.

While impossible to predict when hostilities might cease, the energy industry in the Gulf “would bounce back,” the experts concluded. They suggested Gulf economies are much more resilient and prepared to weather the current “storm” versus some other economies.