AnalogBrief

Nearly eight months after the outbreak of war with Iran, one thing has become clear: despite disruptions to global energy markets and supply chains, the energy system has proved remarkably resilient. Yet resilience does not necessarily mean a return to what was once considered normal. Although Gulf producers have every reason to seek at least a de-escalation of the conflict, there is little sign of a lasting settlement.

Not necessarily. And here is why: it can go against the physics of power.

The meeting between Xi Jinping and Donald Trump in Washington on Thursday was undoubtedly important. Its significance may lie less in what the two leaders agreed than in what the meeting itself reveals about the balance of power.