SYDNEY, Wednesday 4 March 2026 — As the Middle East crisis sends global gas and oil prices surging, Greenpeace Australia Pacific warns that peace and security will remain at the mercy of geopolitics as long as we remain hooked on fossil fuels.

Experts have warned the outbreak of war in the Middle East, and the effective closure of the Strait of Hormuz, risks a repeat of the 2022 energy shock driven by Russia’s invasion of Ukraine that forced Australian power bills up by more than 40%.

While households brace for a new wave of price hikes, the conflict could prove a goldmine for gas corporations, with share prices for Woodside and Santos surging this week as they look to cash in on windfall war profits.

Solaye Snider, Climate Campaigner at Greenpeace Australia Pacific said: “The escalating violence and suffering in the Middle East is deeply distressing. 

“The resulting energy shock being felt around the world shows why we need to unhook from volatile sources of energy. It is disturbing to see that here in Australia, power bills are set to skyrocket because of yet another war, while gas corporations like Woodside and Santos stand to line their pockets from windfall war profits. 

“As long as we are dependent on fossil fuels, we will be at the mercy of geopolitics and impulsive decisions made by foreign leaders.  

“We need to urgently move away from these inherently volatile sources of energy. Transitioning to local renewables is the way to protect Australian households and businesses from international energy price volatility, and ensure a safe, clean and peaceful future for all.”

-ENDS-

Media contact: Lucy Keller on 0491 135 308 or lucy.keller@greenpeace.org

Gas price shocks from Middle East crisis proves Australia must unhook itself from volatile fossil fuels

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