Smoke rises from the Fujairah oil industry zone in the UAE following interception of a drone
Letter on hydrogen: Global risk
Turmoil in Middle East reminds nascent clean hydrogen sector that its future prospects are dependent on global energy markets and geopolitics
It can be tempting to view the nascent clean hydrogen industry in isolation from the rest of the global energy complex. After all, hydrogen-specific government policies, subsidies and electrolyser technology are the key drivers of this new industry as it attempts to scale up, right? However, the turmoil unleashed in the wider energy market in early March, as the US/Israel-Iran conflict escalated across the Middle East, served as a stark reminder that the clean hydrogen sector is also highly exposed to global energy markets and geopolitics. Natural gas prices in Europe surged 50% at one stage as military strikes led to the suspension of LNG production at Ras Laffan in Qatar, a complex respons
Also in this section
1 April 2026
Multiple projects have been scrapped and valuations have nosedived, but the IEA says hydrogen is no passing fad
25 March 2026
The Middle East energy shock has highlighted the value of France’s unique potential to deploy nuclear-powered electrolysers
18 March 2026
The second fossil-fuel price shock in four years can be a much-needed catalyst for investment in the sector
9 March 2026
Hydrogen has not stalled in the UK because the technology does not work. The problem is that the system around it does not yet move at the speed required
