In light of the ongoing conflict in Iran, experts from Finland's ETLA and OP Pohjola, Ville Kaitila and Lippo Suominen, discuss the substantial upheaval within the global energy markets. They highlight the assessment made by The Wall Street Journal, which suggests that this may represent the largest shock to energy markets since the oil crisis of the 1970s. The International Energy Agency has echoed these sentiments, noting historical disruptions attributable to the Middle East conflict. However, Suominen offers a nuanced perspective on the severity of the situation, indicating that while the current shock is significant, oil production levels have not diminished as drastically as might have been assumed due to prior trends in oil production growth.