Oil supply disruptions in the Strait Hormuz are forcing a rethink of energy security

Conflict involving Iran and disruptions in the Strait of Hormuz may become a major turning point for the global energy transition rather than simply a temporary oil price shock, CNBC reports. 

Governments and businesses are increasingly viewing renewable energy, batteries and electrification not just as tools for reducing emissions but as ways to reduce dependence on fossil-fuel markets. When oil and gas become more expensive or less reliable, investments in solar, wind, batteries, electric vehicles and grid infrastructure become more attractive economically.

Despite growing interest in renewables, the world still depends heavily on oil and gas. 

Policymakers and investors are increasingly focused on building energy systems that are less reliant on any single fuel source, shipping route or producing region. Analysts see the current turmoil as reinforcing long-term trends toward electrification and alternative energy sources.

CNBC has the full story.