The Middle East faces a range of uncertainties going into the new year, all of which have implications for the energy sector. Key concerns include the possibility of renewed conflict between Iran and Israel; a resumption of Houthi attacks on commercial shipping, with the Gaza peace process facing an uncertain second stage; the ability of the new government in Damascus to get Syria back on its feet; and Iraq’s post-election governing outlook. Saudi-Emirati tensions in and around the Red Sea are another emerging risk, with the Gulf heavyweights backing opposing factions in Yemen and Sudan.
