Bangladesh, Oct. 8 -- The world has survived energy crises before. The oil shock of 1973, the Iranian Revolution of 1979, the financial turmoil of 2008, and the prolonged instability that has shaken global oil and gas markets since 2014 each produced their own combination of inflation, market volatility, geopolitical tension and economic disruption.

But the energy shock generated by the wars in Ukraine and Iran is different in both scale and geopolitical consequence. These conflicts are not merely disrupting supplies. They are exposing the structural vulnerabilities of an energy system built on fragile supply chains, concentrated refining capacity, inadequate strategic reserves and assumptions about geopolitical stability that are rapidl...