The energy crisis is becoming more and more severe as Russia cuts gas inflows into the Europe and EU fails to let go of its delusional green energy policy. While the idea of a more green world seems nice, it is important to acknowledge that the transition towards a more green world is slow and there are hurdles that need to be removed in order to accelerate the transition otherwise this policy can be exploited by malicious actors such as Russia to gain political advantages and influence. This is becoming more obvious as the nations such as Turkey turn into Russia because of their need for energy.
In addition to that, China tries to strengthen its ties with Russia, Iran, and Saudi Arabia to guarantee its energy security in the coming winter while it keeps insisting on a draconian Covid lockdown to suppress energy consumption. In fact, this is the main reason why we have not seen 150$ per barrel of oil yet as the Chinese have to keep their cars in their parking while they are locked at home and not use airliners to travel. If it were not for lockdowns, the demand shock from Chinese spending on leisure and hospitality in this summer could send shockwaves across many markets, energy and food being the most exposed to that volatility.
The winter is on its way and so far we have not seen any measures from Europe and the US to address the issue. This will put the EU between a rock and a hard place which means more instability and power for bad political actors in Asia, and high energy prices which will finance their wars.