The writer is chief investment officer of equities at Fidelity International
One immediate consequence of the current Middle East conflict is already clear: the question of energy supply — and who controls it — has returned to the forefront of government thinking.
The oil crisis of the 1970s was not just an inflation earthquake. It forced governments everywhere to re-evaluate the meaning of national security and resilience. The response in terms of industrial policy and investment shaped the geopolitical landscape and energy system we see today. Similar dynamics may be playing out here and investors need to pay attention, shaping portfolios accordingly.
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