Pratik Bijlani –
The growing geopolitical tensions in the Middle East and the disruption of energy flows through the Strait of Hormuz took centre stage at the S&P Global Mumbai Energy Briefing 2026, held on 18 June at Hotel Sahara Star, Mumbai. The one-day conference brought together energy executives, commodity traders, shipping professionals, analysts, investors, and policymakers to examine the implications of one of the most significant energy disruptions in recent years.
Opening the discussions, Ms Geeta Chugh, Managing Director and Sector Lead – Financial Institutions Ratings at S&P Global Ratings, outlined the broader economic implications of the crisis for India and Asia. She observed that higher crude prices, supply disruptions, rising import costs, and pressure on currencies have created challenges for energy-importing economies. As she noted, “The Middle East conflict has exposed Asia’s deep energy vulnerabilities, with supply disruptions, higher premiums and weaker monsoons creating significant pressure on inflation, fiscal balances and growth. While India’s economy and banking sector remain resilient, prolonged disruptions could materially impact corporates, consumers and overall economic momentum.”
A major highlight of the event was the panel discussion titled “Cascading Shocks: How the Strait of Hormuz Reshapes the Energy Strategies across Asia.” Moderator Ms. Gauri Jauhar emphasized that the disruption of nearly 16 percent of global oil supplies had created ripple effects across crude oil, LNG, fertilizers, and commodities.
Ms. Yen Ling highlighted the sharp decline in vessel traffic through the Strait, noting that daily transits had fallen dramatically at the peak of the crisis. Mr. Mehrun Etebari discussed the impact on LNG markets, pointing out that reduced exports from the Gulf had increased uncertainty across Asia. Ms. Jenny Yang explained how power markets responded through higher coal usage and demand management measures, while Mr. Ravi Narayanasamy described the crisis as one of the largest oil supply disruptions in modern history, warning that a full recovery of supply chains may take several months.
Mr. Pulkit Agarwal, Head of India Content at S&P Global Energy, explained how the crisis affected global trade flows and benchmark pricing. He remarked, “The Strait of Hormuz disruption revealed how quickly physical supply constraints can reshape global energy markets. While prices eventually stabilized, underlying market tightness persisted. Maintaining credible benchmarks and reflecting real trade activity became vital in supporting market confidence during a period of unprecedented uncertainty.”
Presentations by Mr. Premasish Das examined crude market disruptions and the challenges facing Asian refiners, while Mr. Mun Leong highlighted vulnerabilities in critical mineral supply chains. Mr. Daryl Ng demonstrated how artificial intelligence is increasingly helping analysts interpret market disruptions and improve decision-making during crises.
The afternoon breakout sessions examined the impact of geopolitical tensions across energy markets. The Gas, Power, Renewables and LNG session focused on LNG flows, gas pricing, energy security, and India’s power transition. The Crude, Refined Products and Biofuels session discussed oil market disruptions, refining margins, biofuels, and low-carbon shipping fuels. The Chemicals session explored supply chain disruptions, feedstock volatility, changing trade flows, and emerging opportunities in green methanol and India’s growing role in global chemical markets.
Throughout the conference, one message remained consistent: geopolitical risks have become inseparable from energy markets. For India and Asia, strengthening supply chain resilience, diversifying energy sources, and investing in infrastructure will be essential as the region navigates an increasingly uncertain global energy landscape.
Marex Media