<p>Geopolitics and climate have emerged as the two wildcards impacting the world&rsquo;s busiest trade chokepoints, i.e. the Suez and Panama Canals. Daily shipments through the Suez Canal in the Red Sea have dropped by 50% since January 2024, while Panama Canal transit restrictions have led to a 32% decline since October 2023. While geopolitical volatility is often short-lived, it can increase risk premium over the longer-term, while climate impacts could cause disruption of entire supply chains. What has been the impact of such disruptions to global energy trade since 2023? Will such events contribute to rise in energy prices, and what will they mean for the future supply of energy commodities?</p>
