Hormuz Open & Post-War Priorities: This Week's Top Stories
1. Strait of Hormuz Set to Reopen as US-Israel-Iran War Ends
A deal has been agreed to end the war between the US, Israel and Iran with reopening the Strait of Hormuz and resuming oil exports from the Gulf a priority
A framework deal to end the months-long conflict between the US, Israel and Iran has been reached, with the Strait of Hormuz expected to reopen and oil prices already tumbling in response.
The announcement came late on Sunday 14 June, when Pakistani Prime Minister Shehbaz Sharif confirmed that Washington and Tehran had agreed to end hostilities on all fronts.
Minutes later, US President Donald Trump posted on Truth Social, writing: "The Deal with the Islamic Republic of Iran is now complete."
Iran's Deputy Foreign Minister, Kazem Gharibabadi, confirmed the deal on state television, saying it put an "immediate end" to the war.
The conflict began on 28 February 2026, when US and Israeli forces launched coordinated strikes on Iran.
Tehran's response included the effective closure of the Strait of Hormuz, the world's most critical oil shipping chokepoint, through which roughly 20% of global crude supply transits.
2. Electrification Key to Corporate Strategy After Iran War
Executives at DSM-Firmenich, Roche and ACCIONA back electrification push as geopolitical instability and energy costs reshape business strategies
The war between the US, Israel and Iran may be over for now, but the scars the conflict has left on the global economy are far from healed.
The disruption caused by the closure of the Strait of Hormuz left around 20% of the world’s oil and gas stranded in the Middle East, with consumers and companies paying premiums as a result.
Despite the agreement of a peace deal on Sunday 14 June, this experience will have left millions around the world with a sour taste in their mouths.
This crisis – described by the IEA’s Fatih Birol as “two oil crises and one gas crash put all together” – is the second market-crashing incident in just four years, after Russia’s invasion of Ukraine.
Consequently, many experts are saying this must be the moment the world turns its back on the volatile fossil fuel industry and instead invests in electrification.
According to a new survey published by Public First, four in five businesses say that the ongoing crisis in the Middle East has made the transition away from fossil-powered equipment more urgent.
For this study, Public First polled almost 2,000 executives across 18 countries on behalf of green campaign groups E3G, the We Mean Business Coalition and the Global Renewables Alliance.
The results of this piece of research confirm that the US-Israel-Iran war has truly changed the global narrative when it comes to electrification.
While the transition to EVs, heat pumps, renewable energy and battery storage has often been couched in terms of sustainability, electrification is now regarded as a cheaper, more reliable alternative to oil, gas and coal.
Public First found that 91% of respondents said switching from fossil fuel-powered equipment to electric alternatives would strengthen their energy security.
3. Why Spain’s Energy Bills Went Down During the Iran Crisis
Spain's electricity bills dropped during the Iran war as Ember data shows renewables from Iberdrola and others cut gas dependency
When the war between the US, Israel and Iran began in late February and the Strait of Hormuz closed shortly thereafter, the world braced for a devastating oil shock.
These kinds of crises had been seen before: during the 1973 Yom Kippur War, in 1979 during the Iranian Revolution and in 2022 after Russia’s invasion of Ukraine.
This one, however, was worse than them all.
Governments in South East Asia urged people to work from home to conserve energy. The IEA released its emergency stock of 400 million barrels of oil. The price of fuel reached record highs around the world.
For many countries, the effects were swift and devastating. The experience for Spain, though, was markedly different.
While Italian power prices averaged US$154 per megawatt hour in March, Spanish wholesale prices sat at US$45, roughly a third of the cost.
These prices were consistently among the lowest across Europe since the conflict began.
But how did Spain manage this and what does it say about its energy system? Read the full article here.
4. ‘A Broken System’: The UK’s Plan to Reform Retrofitting
The UK Government has announced new consumer protection plans to curb poor quality work from retrofitting companies while rebuilding public trust
The UK Government has today unveiled its plans to overhaul the country’s retrofit industry.
The announcement follows several years of complaints from property owners about poor workmanship on retrofitting projects that were carried out under past government schemes.
Ministers say the reforms are designed to give homeowners the confidence to upgrade their properties without fear of being left out of pocket.
Among the most common problems was the solid wall insulation installed under the Energy Company Obligation 4 and Great British Insulation Scheme.
Much of the blame has been placed on inherited scheme design rather than current policy, according to ministers.
At the centre of the proposals is a new consumer protection service which would maintain a public register of government-approved installers.
The service would also offer a single point of advice and support spanning the entire upgrade process.
Crucially, this service would have the power to ban installers from government schemes if they fail to meet certain standards.
A new data-led system that can flag installer performance issues has also been proposed.
Government officials hope this will replace what they describe as a fragmented and confusing system for consumers.
5. IKEA, Ingka & the Rush to Capitalise on Spain’s Solar Boom
Ingka Group has bought two solar parks in Spain, reducing its carbon footprint and bolstering renewables across Iberia amid Europe's energy security fears
Ingka Group, the largest operator of IKEA stores globally, is widely considered one of the world’s most sustainable retailers.
Its investments in things like renewables, waste reduction and energy efficiency have earned it global recognition in recent years, with Sustainability Magazine ranking it 15th in its list of the world’s 250 most sustainable businesses.
Despite Ingka’s vast physical footprint of 411 IKEA stores across 32 countries, it is firmly on track to achieve its goal of net zero by 2050, having already reduced its total emissions by 30.1% since 2016.
This progress has been helped along by Ingka’s commitment to invest US$8.6bn in renewables, battery storage and climate tech by 2030.
This procurement strategy has seen the company build a vast global energy portfolio that includes 49 wind farms and 26 solar parks, adding up to 2.2GW of capacity.
One of the firm’s most recent investments is in Spain, where conditions for solar generation are among the best in the world.
The group's investment arm, Ingka Investments, has this week confirmed its acquisition of two solar parks in the country.
The first, La Oliva, is located in Toledo and is already operational, generating an estimated 51GWh of electricity each year.
The second is located in Murcia and will add a further 55GWh annually once it comes online.
Together, Ingka expects these two sites to deliver 106GWh of renewable power a year.
