The war on Iran is sending shockwaves through global energy markets. Industry insiders say they "have not seen anything like this."According to the International Energy Agency, more than 40 energy assets across the Middle East have been "severely" or "very severely" damaged. This comes in addition to the closure of the Strait of Hormuz, through which around 20% of global oil flows. At the same time, the impact of energy shortages is being felt in a growing number of countries worldwide. How serious is this moment for global energy security? What are the short- and long-term consequences? And could this crisis trigger a deeper shift in how the global energy system operates?