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The oil market initially treated the closure of the Strait of Hormuz as a crisis that economic self-interest would contain. But the Houthi threat to shipping in the Red Sea changed that calculation: with two strategic chokepoints now at risk, markets could no longer assume that disruption would remain limited.

Only weeks after the United States and Iran announced an interim agreement and the Strait of Hormuz reopened, the conflict has returned. However, the Strait has not been formally closed again, yet there is more in the background.

As the new government of Hungary seeks to place the country’s economy to a new path, three structural challenges are likely to shape the year ahead.

Hungary's energy system appears stable, but stability should not be mistaken for security. Behind that stability lie three strategic vulnerabilities that will shape the country's energy future far more than today's headlines.

Eastern Europe's competing energy strategies reveal that in the end, geography—not politics—will shape the region's energy security.

The European energy market is gradually settling into a new reality. Gas storage levels across Eastern Europe continue to improve, cross-border bottlenecks are easing, and the continent has largely adapted to reduced Russian gas supplies. Yet this adaptation has come at a cost. Greater security has become a permanent component of energy pricing, while uncertainty surrounding fuel and gas supply has gradually become embedded in the market itself.