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

[Caixin] Since the end of February, the United States and Israel have launched military strikes against Iran, which subsequently retaliated. The war has escalated and has now lasted nearly four weeks, with several energy facilities in the Persian Gulf region being destroyed, navigation through the Strait of Hormuz being obstructed, and the global energy market facing significant impacts.

On March 25, former Finnish Prime Minister Aho mentioned at the Boao Forum for Asia Annual Conference 2026 that geopolitical conflicts might accelerate the energy crisis, but crises also present opportunities for energy transition.

“This current crisis sends a warning to all countries that each nation must continuously enhance the proportion of independent oil production while finding alternatives for oil and gas resources,” Aho said. “For businesses, the short-term return on investment in oil and gas transition is limited; however, in the long run, such investments have certain economic viability.” He quoted the famous saying of former British Prime Minister Churchill, urging all parties to “never waste a good crisis.”