Daniel Yergin Sees a 'Different World' Emerging After the Hormuz Crisis

Global energy markets are entering a volatile new era characterized by resource nationalism and a heightened focus on energy security following the unprecedented closure of the Strait of Hormuz. Daniel Yergin, Vice Chairman of S&P Global and author of *The New Map*, observes that the "mother of all supply chain shocks" has permanently altered the strategic landscape, forcing a shift from cost-efficiency to reliability. The rise of low-cost drone warfare acts as a geopolitical leveler, allowing regional powers to disrupt vital choke points and necessitating increased defense spending and localized production. Simultaneously, the massive electricity demands of the AI revolution are driving a resurgence in nuclear power and natural gas, as tech giants like Amazon and Google increasingly vertically integrate into energy production. This transition toward energy guarding and infrastructure investment is inherently inflationary, reversing decades of globalization and creating a persistent security premium in global commodity prices.