Oil and LNG turbulence to spur nuclear revival, new uranium squeeze in 18/05/2026 Despite historical phaseout efforts, nuclear’s role in energy security is strengthening, particularly as gas and oil markets once again demonstrate vulnerability to geopolitics and geographical bottlenecks. Oil and LNG markets have been shaken in early 2026, and this volatility is strengthening the case for nuclear as an energy-security hedge. The current war in the Middle East has transitioned from a flow disruption into a broader supply crisis, with global demand growth expectations for 2026 sharply downgraded amid availability constraints and economic uncertainty. The global build-out and restart of nuclear power has been gathering momentum quietly for several years, driven by a mix of climate and energy security priorities. Countries such as China have steadily expanded nuclear capacity to reduce greenhouse gas emissions and support industrial growth, while many others accelerated plans following the disruption caused by the Russia-Ukraine war, which exposed vulnerabilities in fossil fuel supply chains and reinforced the need for reliable, domestically controlled baseline energy sources. More recently, escalating tensions in the Middle East have added another layer of urgency, incentivizing governments to move faster on nuclear deployment as a hedge against geopolitical instability and potential energy price shocks, accelerating what had been a gradual, under-the-radar resurgence into a more pronounced phase of growth. In the US and Canada, the emphasis has been on the development of small modular reactors (SMRs), particularly to serve dedicated, behind-the-meter demand such as industrial sites, data centers and government or corporate operations. SMRs are intended to be faster to deploy, more flexible and better-suited to specific use cases — especially as energy-intensive sectors seek reliable, carbon-free power independent of the wider grid. However, this approach is still large