Middle East Crisis & Oil Prices: CERAWeek 2024 Focus

March 23, 2026 Lucas Fernandez – World Editor World

HOUSTON, TEXAS – The CERAWeek energy conference opened in Houston today under a cloud of uncertainty as escalating conflict in the Middle East sends shockwaves through global energy markets. The annual forum, typically a gathering of the world’s most influential energy leaders, is proceeding with a significantly altered agenda and a palpable sense of anxiety following a last-minute cancellation by Amin Nasser, CEO of Saudi Aramco.

Nasser’s decision to remain in Saudi Arabia, announced Sunday, comes amid heightened tensions stemming from the ongoing war with Iran and its impact on critical oil infrastructure in the Gulf. According to Le Parisien Matin, Nasser will not participate via video conference or any other virtual means, a move underscoring the severity of the situation. The disruption to the Strait of Hormuz and damage to Gulf oil facilities are central concerns for attendees.

“We are witnessing the largest disruption in the history of the global oil market,” stated Daniel Yergin, vice-president of S&P Global and president of CERAWeek, during a briefing. The sentiment was echoed by Mark Brownstein, vice-president of the Environmental Defense Fund, who told the AFP, “This will be a CERAWeek that will go down in the annals.”

The conference, expected to draw over 10,000 participants, has rapidly adapted to the evolving crisis. Organizers have added special sessions dedicated to analyzing the war’s implications, as reported by BFMTV. The price of West Texas Intermediate (WTI) crude oil has already surpassed $100 a barrel, fueled by an ultimatum issued by former U.S. President Donald Trump to Iran, and further price increases are anticipated.

Beyond the immediate market impact, discussions at CERAWeek are expected to focus on the potential for prolonged disruption. TotalEnergies CEO Patrick Pouyanné, speaking to CGTV on Sunday, suggested that a conflict lasting three to four months could be absorbed by global economies through existing oil stockpiles. However, he warned that a war extending beyond six months would have “real impacts” on the world economy, causing widespread hardship.

The conference agenda also includes a shift in focus regarding Venezuela. The recent capture of former President Nicolas Maduro by U.S. Authorities on January 3rd has prompted Washington to lift sanctions and encourage investment in the country’s vast hydrocarbon reserves. Maria Corina Machado, leader of the Venezuelan opposition and Nobel Peace Prize nominee, is scheduled to address the conference on Tuesday, expressing her optimism about unlocking Venezuela’s “unlimited energy potential.”

The United States’ altered energy policies under a second Trump administration are also a key topic. The renewed emphasis on coal and oil production, coupled with the withdrawal from the Paris Agreement and the dismantling of environmental regulations, has drawn criticism from environmental organizations. Texas Campaign for the Environment has planned a protest coinciding with the conference’s opening day.

U.S. Energy Secretary Chris Wright is scheduled to deliver the opening address at 13:40 GMT today, and attendees will be closely scrutinizing his remarks for any indication of potential government measures to stabilize oil prices or address the escalating conflict. Executives from Chevron, Shell, Cheniere Energy, and TotalEnergies are among those slated to speak throughout the week.