New Delhi, June 5 -- A new world order is emerging in global energy markets, creating both havoc and opportunity for investors.

The Iran war's historic disruption of oil-and-gas production and shipping through the Strait of Hormuz has resulted in shortages and soaring prices. It has also set off a global rush to secure supplies.

The chaos won't be sorted out quickly. Even when the war ends, there will still be a long period of adjustment as countries rebuild stockpiles and Middle East producers restore lost production. Oil prices will be volatile and likely higher for a while. In the case of Qatar, it will be years before a portion of its liquefied natural gas shipments resume.

"The crisis in the gulf and the Strait of Hormuz is a defi...