Oil nations on edge in the face of new climate coalition in Oil & Companies News , Uncategorized 20/06/2026 If the peace agreement holds, the conflict between the US and Iran may soon be over, but it could take months if not years before the global economy returns to its previous course. As the Iran war and current energy crisis have again exposed the global economy’s dependence on oil and gas, some economists say it is time to accelerate the transition away from fossil fuels, and to reduce dependence on volatile energy markets. In opening remarks at this year’s climate talks in the German city of Bonn, UN climate chief Simon Stiell said the war in the Middle East was not only responsible for “immense human suffering” but had sparked “a fossil fuel cost crisis that’s strangling economies everywhere.” He said it had now become “crystal clear,” that maintaining dependence on fossil fuels meant continuing to import inflation and economic instability. The Bonn negotiations have been ongoing for the past two weeks with the aim of preparing the agenda for the 2026 COP climate conference, to be held in Turkey in November. The yearly COP summit brings together the almost 200 countries party to the Paris Agreement — the 2015 accord designed to keep global temperature rise to well below 2 degrees Celsius (3.6 degrees Fahrenheit) and with efforts to limit it to 1.5 degrees. The burning of coal, oil and gas remains the primary driver of rising temperatures across the world, and the annual talks focus on how to transition towards a clean clean energy future in a fair and equitable way. The words “fossil fuels,” however, do not actually appear in the Paris Agreement. And for many years explicitly discussing their phaseout was considered almost taboo within negotiating rooms. But observers say the latest energy price shocks have shifted the political debate in Bonn and opened up new discussions about energy independence. Not least because oil and gas importing countries are no