Energy security shocks and coal’s role in a fragmented world

The closure of the Strait of Hormuz has triggered a major disruption to global energy flows, removing around one‑fifth of global LNG supply from the market and forcing governments to reassess their energy strategies. 

In this episode of Mined over matter, Wood Mackenzie experts examine how energy security concerns are shifting policy responses, accelerating coal usage across key Asian and European markets, and delaying coal plant retirements. While gas markets have avoided the extreme price spikes seen in prior crises, fuel switching and policy reversals are reshaping the near‑term outlook for coal – with important implications for metals markets, supply chains, and growth economies. 

The conversation explores the tension between energy security, cost, and environmental goals, and why geopolitical disruption is increasingly driving second‑order impacts well beyond energy markets alone.