Download Link for Energy & Power Vol 23 Issue 19/userfiles/EP_V_23_19.pdf

The US-Israel war on Iran has once again exposed the fragility of the global energy system. Within days of the conflict, oil prices surged sharply, reflecting how quickly geopolitical tensions in the Middle East can destabilize markets. Although prices eased slightly after initial spikes, the underlying risks remain high. For Bangladesh, the implications are serious. The country’s heavy dependence on imported fuel leaves it highly vulnerable to external shocks. Rising oil and gas prices threaten to push up import bills at a time when the power and energy sector is already struggling with large unpaid liabilities. Even if the war does not escalate further, the economic pressure from elevated energy prices is expected to persist for months. The government has taken some immediate steps, including rationing fuel and electricity, preparing contingency plans, and seeking stronger energy cooperation with countries such as India and China. These measures may help manage short-term risks, but are unlikely to address the deeper structural problem: Bangladesh’s growing dependence on imported energy.

Bangladesh must accelerate exploration of domestic gas resources, reconsider the role of coal in its energy mix, and expand renewable energy investments. Diversifying supply sources and strengthening regional energy cooperation should also become strategic priorities. The global economy is already navigating multiple shocks—from post-pandemic recovery challenges to geopolitical tensions. If the Middle East conflict evolves into a prolonged energy crisis, the economic consequences could be severe. For Bangladesh, strengthening energy security is no longer just an economic necessity; it is a national priority.

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