Middle East Crisis Warns of Energy Independence: Former Finnish Prime Minister Calls for Countries to Develop Oil and Gas Alternatives

【Caixin Net】 Since the end of February, the United States and Israel have launched military strikes against Iran, and Iran subsequently retaliated. The conflict has escalated further and further, and to date it has lasted nearly four weeks. Energy facilities across multiple locations in the Persian Gulf region have been damaged, traffic through the Strait of Hormuz has been disrupted, and the global energy market has been hit hard.

On March 25, Aho, the former Prime Minister of Finland, said at the 2026 annual meeting of the Boao Forum for Asia that geopolitical conflicts may accelerate an energy crisis, but the crisis is also an opportunity to drive an energy transition.

“The current crisis sends a warning to all countries: every country must continuously increase its share of independently produced oil, while also finding alternative solutions for oil and gas resources.” Aho said that for companies, the short-term investment returns of transitioning oil and gas are limited; but in the long run, such investments have a certain economic viability. He cited a famous quote by former UK Prime Minister Winston Churchill, saying that all parties should “not waste a good crisis.”